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SCI profit sinks

SCI profit sinks

Mumbai: The Shipping Corporation of India announced its net profit fell 57% in its first fiscal quarter compared with a year ago, as the global economic slowdown hit the national carrier, writes the Journal of Commerce.

Net profit for the April-June quarter declined to $25m from $58.16m in the year-ago period, the company said in a statement on Wednesday.

Income from operations slumped to $184m from $221m.

The liner segment suffered an unprecedented loss of $22.5m during the quarter, with operating income slipping to $36m compared with $43.6m in the same period in fiscal 2008-09.

"Due to the global downturn in the shipping market, profit for the last quarter was substantially less than the previous periods. Management is working out a strategy to deal with the emerging scenario," the company said.

The state-owned company earlier reported net profit increased 16% to $199.5m for fiscal 2008-09 ended March 31.  [31/07/09]