The Shipping Corporation of India declared its unaudited financial results for the quarter ended 30.09.2014 posting a profit of Rs.18.59 Crores as compared to a loss of Rs.123.53 crores during the quarter ended 30.09.2013. This has resulted in a cumulative profit of Rs.68.09 crores for the half year ended 30.09.2014 as compared to a loss of Rs.222.23 Crores during the half year ended 30.09.2013.
This is the third quarter in a row that SCI has reported a profit after three consecutive years of losses. This has been possible due to better operational profitability and interest income.
SCI currently owns 71 ships of 5.819 million dead weight tonnes and is present in almost all segments of shipping including the container, bulk carrier, tanker and the offshore
As part of Government's 'Look East Policy', state-run Shipping Corporation of India had earlier said it had started a fortnightly service to Myanmar.
The service will cater to Mizoram and other North-eastern states using the Sittwe port in Myanmar located on the mouth of the Kaladan river.
($ 1 = Rs 60.15)