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Shipping Corporation of India (SCI) today reported over three-fold jump in standalone net profit at Rs 163.54 crore for the quarter ended June 30, 2015.
The largest domestic ship liner had recorded a net profit of Rs 49.49 crore, SCI said in a regulatory filing.
The total income from operations was at Rs 1,056.46 crore, registering a decline of 2.7 per cent, from Rs 1,086.88 crore in the year-ago period.
The total expenses declined to Rs 870.64 crore as against Rs 1,080.06 crore a year ago.
"Further, the company, while calculating the depreciation for the quarter, 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 realisation in the past...
"... Consequent to the change, the depreciation of the quarter ended June 30, 2015 is lower and profit for the quarter is higher by (Rs) 5,036 lakh," SCI said.
The revenue from the bulk segment increased to Rs 805.91 crore, over Rs 740.97 crore in the year-ago period, it said.
The company's shares closed 2.18 per cent down at Rs 71.65 apiece on the BSE.
