Shipping Corp

Shipping Corporation of India (SCI) posted a good set of Q1Fy16 numbers. Good performance of its bulkers and tankers helped the company end the quarter with a whopping 233% (YoY) jump in net profit at Rs.163 crore. This profit is already 81% of entire FY15 net profit of Rs.201 crore.

Net sales was down 1% at Rs.1046 crore but it more than recouped with a 19% drop in total costs. What also helped was the 25% jump in interest income. Its liner segment performed miserably with a loss at EBIT level. This was offset by the turnaround in its bulker segment which had an EBIT of Rs.178 crore v/s loss of Rs.17 crore. Its echnical and offshore segment, which is technical consultations and offshore vessels showed a 3.5% rise in EBIT. The company is said to be chasing secondhand LNG carriers, after India's shipping minister urged it to move towards this type of vessel.