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SCI Q3 profit surge aided by lower bunkers and higher tanker earnings

SCI Q3 profit surge aided by lower bunkers and higher tanker earnings
Shipping Corporation of India (SCI) has recorded a 90% surge in third quarter net profit, thanks mainly to significantly reduced bunker bills and strong contributions from its tanker fleet.

Profit for the quarter ended 31 December 2015 came up to INR596.6m ($8.7m), a jump of 90.3% compared to INR313.5m seen in the same period of the previous financial year.

Third quarter revenue, however, dipped by 6.2% year-on-year to INR9.87bn, Mumbai-listed SCI announced.

SCI reported that its third quarter bunker fuel expenditure was INR1.64bn, representing an expense reduction of almost INR1bn compared to the bunker bill of INR2.63bn in the previous corresponding period.

The group’s bulker segment, comprising of crude and product tankers, dry bulk carriers, gas carriers and LNG carriers, reported a profit before tax and interest of INR1.07bn, up convincingly from INR339.8m in the same period of 2014.

The third quarter earnings, meanwhile, were trimmed by a larger loss at the liner segment, which showed a deficit of INR602.4m compared to the loss of INR323.6m in the year-ago period.