SCI’s Q4 Profit Jumps Seven-Fold

The Shipping Corporation of India (SCI) last week reported a more than seven-fold jump in net profit at Rs 101.49 crore for the quarter ended March, 2015, on gains from sale of ships.

The largest domestic ship liner had recorded a net profit of Rs 13.24 crore in the corresponding period a year ago.

Total income from operations fell to Rs. 1,076.96 crore in the fourth quarter of 2014-15 from Rs. 1,281.94 crore in the corresponding period of the previous year, the company said in a filing to the BSE.

The profit from sale of ships during the quarter stood at Rs. 35.03 crore. Total expenditure came down to Rs 948.97 crore from Rs. 1,244.26 crore during the period under review.

For the full year 2014-15, SCI recorded a net profit of Rs. 200.93 crore. It had registered a net loss of Rs. 274.66 crore in 2013-14.

The total income from operations during last fiscal stood at Rs. 4,310.97 crore which included Rs. 120.55 crore from sale of ships. In 2013-14, the company recorded a total income of Rs. 4,405.17 crore.

“During FY 2014-15, the company has revised the useful life of their vessels (fleet)...The depreciation on these assets which was earlier being provided under the ‘written down value’ method is now being provided for as per ‘straight line method’ over the useful life of assets.”

“Due to these changes, the depreciation for the quarter/year 31 March 2015 is lower by Rs. 1,415 lakh/Rs. 5847 lakh and profit for the quarter/year ended 31 March 2015 is higher by Rs. 1,415 lakh/Rs. 5,847 lakh respectively,” the Shipping Corporation said.