The Shipping Corporation of India on Monday reported a 40.7 per cent jump in its net profit for the quarter ended December 2010, at Rs 123.06 crore.
The company had posted a net profit of Rs 87.4 crore during the same period of 2009-10. SCI's net sales were up by 5.14 per cent at Rs 888.9 crore during the quarter, as against the net sales of Rs 845.4 crore for the October-December quarter of 2009-10, the company said in a filing to the Bombay Stock Exchange.
The filing added that SCI raised Rs 582.4 crore through a follow-on public offer, in which the government divested 10 per cent of its stake in the company. The company plans to utilise Rs 470.2 crore in the current year from the disinvestment proceeds, the filing said.
For the period April-December, 2010, the company posted a net profit of Rs 575.5 crore, growth of about 138 per cent, the filing said.
The company board also recommended an interim dividend of 30 per cent or Rs 3 per share of face value of Rs 10 each for 2010-11, the comapny said in a filing to the stock exchange.
