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i-maritime News Service

Shipping Corp Q4 loss at Rs 356 crore - 2012-06-04


Shipping Corporation of India suffered a net loss of Rs 356 crore in the fourth quarter ended March 31, 2012. Higher bunker charges and other operating cost has pushed the company deeper into the red.

The largest shipping company in the country had incurred a loss of Rs 6 crore in the same period last year. Margins of shipping companies have been under pressure for the past few quarters due to weak freight market. The company's expenditure rose 50 per cent to Rs 1,346 crore (Rs 897 crore a year ago). For the January to March quarter, the Mumbai-based company's total income rose 26 per cent to Rs 1,106 crore (Rs 877 crore a year ago). For the full year ended March 31, 2012, the company posted a net loss of Rs 428 crore on total income of Rs 4,309 crore against a net profit of 567 crore on total income of Rs 3825 crore in the previous year.

Shares of the company, which have lost about half their value in the last one year, closed at Rs 55.65 on Tuesday.

Source : Hindu Business Line