Bangalore: State-run Shipping Corporation of India (SCI) Ltd on Wednesday reported more than three times rise in net profit for the quarter ended 30 June on account of higher earnings from running oil tankers and lower bunker (ship fuel) prices.

SCI posted a net profit of 163.54 crore for the quarter as against 49.49 crore in the corresponding period last year.

However, the Mumbai-based company’s fiscal first quarter income fell to 1,090.33 crore from 1,200.33 crore a year ago, the company said in a statement to the Bombay Stock Exchange.

Bunker costs dropped to 181.11 crore during the April-June quarter from 385.67 crore a year ago. While bulk carrier and oil tanker earnings rose to 805.91 crore from 740.97 crore a year ago.

The company’s board, which met in Mumbai on Wednesday, approved a proposal to buy three so-called anchor handling tug-cum-supply used in supporting offshore oil exploration support activities from Cochin Shipyard Ltd. This will be the first ship purchase for the firm in more than three years.

“From our side, we are ready. The contract for constructing the three ships will be signed once Cochin Shipyard confirms acceptance," a spokesman for the company said.

Last week, SCI mandated Boston Consulting Group to prepare a corporate strategy named Vision 2030 for the company, the spokesman said.

In the year to March 2015, India’s biggest ocean carrier posted a net profit of 200.93 crore, ending three consecutive years of losses.

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