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Shipping Corp net loss widens to Rs76 crore

State-run Shipping Corporation of India’s (SCI) standalone net loss widened to Rs76.18 crore for the quarter ended 30 September 2017.

The Navratna company had posted a net loss of Rs17.77 crore in the year-ago period. However, total income during July-September rose to Rs824.86 crore, from Rs806 crore in the same quarter a year ago. Its total expenses were also higher at Rs883.04 crore as against Rs806.02 crore in the September quarter last fiscal.

 As the country’s premier shipping line, the SCI owns and operates around one-third of the Indian tonnage, and has operating interests in practically all areas of the shipping business servicing, both national and international trades. It has also contributed to the growth of India’s EXIM trade and the national exchequer, by being a net earner/saver of valuable foreign exchange. It is also the only shipping company engaged in the transportation of LNG, a vital fuel for India’s power plant and chemical/petrochemical industry.  

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