New Delhi: State-run Shipping Corporation of India (SCI) on Friday reported an over eight-fold jump in net profit at Rs 161.21 crore for the September quarter, on change in calculation of depreciation.
The company had posted a net profit of Rs 18.59 crore for the corresponding period a year ago, it said in a regulatory filing.
Total income from operations in the second quarter of the current fiscal year (2015-16) was at Rs 1,085.02 crore as against Rs 1,092.97 crore in the year-ago period.
Total expenses declined to Rs 917.35 crore as against Rs 1,069.32 crore a year ago.
"The company, while calculating the depreciation for the half year, has adopted the residual value of all the vessels at 5 per cent of initial cost of vessels as against Re 1 considered earlier, keeping in view the actual realization in the past...consequent to the change, the depreciation of the quarter ended September 30, 2015 is lower and profit for the quarter September 30, 2015 is higher by (Rs) 5,003 lakh (Rs 50 crore)," the company said.
The revenue of the company increased to Rs 805.91 crore as against Rs 740.97 crore in the year-ago period, it said.
Other income included a capital gain of Rs 999 lakh (Rs 9.99 crore) from sale of a property at Kolkata during the quarter.
Shares in the company, on Friday, ended 3.17 per cent higher at Rs 81.30 apiece on the BSE, whose benchmark Sensex index finished down 0.99 per cent.
The company had posted a net profit of Rs 18.59 crore for the corresponding period a year ago, it said in a regulatory filing.
Total income from operations in the second quarter of the current fiscal year (2015-16) was at Rs 1,085.02 crore as against Rs 1,092.97 crore in the year-ago period.
Total expenses declined to Rs 917.35 crore as against Rs 1,069.32 crore a year ago.
"The company, while calculating the depreciation for the half year, has adopted the residual value of all the vessels at 5 per cent of initial cost of vessels as against Re 1 considered earlier, keeping in view the actual realization in the past...consequent to the change, the depreciation of the quarter ended September 30, 2015 is lower and profit for the quarter September 30, 2015 is higher by (Rs) 5,003 lakh (Rs 50 crore)," the company said.
The revenue of the company increased to Rs 805.91 crore as against Rs 740.97 crore in the year-ago period, it said.
Other income included a capital gain of Rs 999 lakh (Rs 9.99 crore) from sale of a property at Kolkata during the quarter.
Shares in the company, on Friday, ended 3.17 per cent higher at Rs 81.30 apiece on the BSE, whose benchmark Sensex index finished down 0.99 per cent.
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