[141213.EN.SEA] Shipping Corp of India Suffers Quarterly US$19 Million Loss, Boxes Blamed

STATE-OWNED Shipping Corporation of India has posted a loss of US$19.52 million in the second quarter of fiscal 2013-14, down from a year-on-year profit of $47 million.

From July to September total revenue fell 11.5 per cent year on year to $167 million on one per cent higher net sales of $163.6 million. In the corresponding period of fiscal 2012-13 total income amounted to $189 million, including $10 million from the disposal of ships, according to media reports.

The container shipping division recorded an operating loss of $12.3 million, compared with a $5 million operating profit in the corresponding period of fiscal 2012-13. Quarterly revenue from the liner business plunged 40 per cent to $35 million.

The company's core bulk shipping segment saw an operating loss of $5.3 million from July to September on a seven per cent increase year on year in revenue at $122 million.

Officials attributed the loss to lower charter hire income from bulk ships as well as higher depreciation and interest costs on new vessels.

In the first half of fiscal 2013-14, SCI reduced its net loss to $35.1 million from $38.3 million in the first half of the previous fiscal year. Total revenue from April to June declined 16.5 per cent to $318 million.

Source : HKSG.