The consolidated net profit of Shipping Corporation of India Ltd (SCI) for the October-December quarter dropped 49.61 percent to Rs134.35 crores from Rs266.63 crores a year earlier.
The state-owned Company’s consolidated revenue from operations during the third quarter of FY24 declined 10.39 percent to Rs1,340.68 crores from Rs1,496.23 crores a year ago, it said in a regulatory filing after the board meeting on Friday.
Operating loss (before tax and interest) in the liner business during the third quarter widened to Rs94.20 crores from Rs71.31 crores posted last year.
The bulk carrier division posted an operating profit of Rs26.28 crores during the third quarter, same as the Rs26.20 crores reported during the corresponding period last year.
The operating profit of the mainstay tanker business plunged 70.88 percent to Rs102 crore from Rs350.37 crores a year earlier.
The technical and offshore services division reported an operating profit of Rs141.56 crore from Rs8.11 crores posted during the same period last year.
Shipping Corporation, India’s biggest ocean carrier, is undergoing privatisation.