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SCI posts full year profit of $31m

SCI posts full year profit of $31m
Shipping Corporation of India (SCI) has returned to profit in the financial year ended 31 March 2015 as its liner and bulker segments erased their losses of the previous financial year.

Net profit for its financial year was recorded at INR2bn ($31.47m) as against a loss of INR2.75bn in the previous financial year, SCI announced.

Revenue was largely stable at INR43.11bn compared to year-ago figure of INR44.05bn.

The Indian state shipping firm saw its liner segment recovered to a profit of INR318.3m from the year-ago loss of INR1.95bn, while the bulk segment also went back to a gain of INR495.2m from a deficit of INR1.65bn.

The lower bunker bill of INR11.84bn, down 16.6% year-on-year, has also helped to boost SCI’s earnings for its latest financial year.