State run Shipping Corporation of India today reported a net profit of Rs 191 crore for the quarter ended June 2010, against a profit of Rs 120 crore in the same period last year.
Total income of the company went up to Rs 907 crore in the April-June quarter from Rs 883 crore during the corresponding quarter last year.
Shipping Corporation (SCI) is among those public sector companies, which are part of the government's plans to raise up to Rs 40,000 crore through disinvestment this fiscal.
The proposal is to sell 10 per cent stake in the SCI through a follow-on public offer in the current financial year. However, the quantum of fresh equity to be raised by the company is yet to be decided and the Shipping Ministry is in the process of finalising the cabinet note for the FPO.
The Centre currently holds an 80.12 per cent stake in SCI, while over 10 per cent is held by LIC. The remaining 3.15 per cent is with the public.
At present, SCI owns 76 ships of 5.1 million DWT (deadweight tonnage) and has interests in all segments of shipping trade. In addition, it mans and manages 60 vessels of 0.2 million tonnes DWT, which is the total weight of the ship including the cargo, crew and fuel.
The shares of the company were trading at Rs 163.60, up 1.55 per cent on the Bombay Stock Exchange at 2:30 pm.
