Shipping Corporation of India substantially increased profit in the second quarter by eliminating losses from its container operations and markedly improving gains in bulk operations.
Net profit jumped 645 percent from a year earlier to $57 million in the second quarter, ending Sept. 30. Income from operations increased 4 percent to $199 million, the company said in a statement Friday.
The state-owned company’s liner segment rolled back into the black, reporting an $8.4 million operating profit compared with a $14 million loss a year earlier. Profit from bulk operations surged 190 percent to $38 million.
Operating income from the liner business increased 35 percent to $65.7 million. The bulk shipping division revenue rose 15 percent to $153 million.
“Much better performance in the bulk segment coupled with robust freight rate improvements and revival of container business helped SCI post impressive results in the second quarter,” a senior company official said.
Operating expenses for the quarter amounted to $177 million, down from $190 million a year earlier.
The national carrier’s profit for the first half soared to $102 million from $35 million in the same period a year ago. Operating income totaled $406 million, up from $392 million a year earlier.
SCI, the country’s largest shipping line, recently announced plans to spend an estimated $4 billion on fleet expansion over the next five years. It already placed orders for 27 new ships at a cost of about $1.3 billion, and plans to acquire another 30 vessels worth $3 billion by 2014.
Net profit jumped 645 percent from a year earlier to $57 million in the second quarter, ending Sept. 30. Income from operations increased 4 percent to $199 million, the company said in a statement Friday.
The state-owned company’s liner segment rolled back into the black, reporting an $8.4 million operating profit compared with a $14 million loss a year earlier. Profit from bulk operations surged 190 percent to $38 million.
Operating income from the liner business increased 35 percent to $65.7 million. The bulk shipping division revenue rose 15 percent to $153 million.
“Much better performance in the bulk segment coupled with robust freight rate improvements and revival of container business helped SCI post impressive results in the second quarter,” a senior company official said.
Operating expenses for the quarter amounted to $177 million, down from $190 million a year earlier.
The national carrier’s profit for the first half soared to $102 million from $35 million in the same period a year ago. Operating income totaled $406 million, up from $392 million a year earlier.
SCI, the country’s largest shipping line, recently announced plans to spend an estimated $4 billion on fleet expansion over the next five years. It already placed orders for 27 new ships at a cost of about $1.3 billion, and plans to acquire another 30 vessels worth $3 billion by 2014.