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HomeMaritime NewsRegionsAsiaSCI sinks to full year net loss

SCI sinks to full year net loss

SCI sinks to full year net loss
Mumbai: Shipping Corporation of India (SCI) slumped into the red in the year ended 31 March 2012, due largely to its sluggish container lines operation.

Net loss for the full year was INR4.28bn ($76.12m), reversing from a net profit of INR5.67bn in the previous year.

Revenue, however, improved to INR43.08bn compared to INR38.25bn a year ago. Higher wages and bunker fuel prices resulted in a jump in operating costs to INR44.52bn from INR32.98bn.

In the last quarter of the financial year, SCI's container shipping business lost INR2.24bn compared to a loss of INR241m in the same period of 2011.

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