State-run Shipping Corporation of India (SCI) today reported over eight-fold jump in net profit to Rs 161.21 crore for the September quarter on change in calculation of depreciation.
It had posted a net profit of Rs 18.59 crore in the July- September quarter of the previous fiscal, SCI said in a regulatory filing.
The total income from operations during the second quarter of the current fiscal, 2015-16, was at Rs 1,085.02 crore as against Rs 1,092.97 crore in the year-ago period.
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The total expenses declined to Rs 917.35 crore in the quarter under review, as against Rs 1,069.32 crore in the year-ago period.
"The company, while calculating the depreciation for the half year, 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 September 30, 2015 is lower and profit for the quarter September 30, 2015 is higher by (Rs) 5,003 lakh (Rs 50 crore)," the SCI said.
The revenue of the country's largest domestic shipliner from the bulk segment increased to Rs 805.91 crore, over Rs 740.97 crore in the year-ago period, it said.
Other income include capital gain of Rs 999 lakh (Rs 9.99 crore) from sale of a property at Kolkata during the quarter.
The shares of the company closed at Rs 81.30, up 3.17 per cent on BSE.
