The Shipping Corporation of India (SCI) posted a third quarter net profit decline of 40 per cent to US$15.12 million, drawn revenue of $270 million, up 36 per cent.

Last fiscal year, ending March 31, SCI recorded a year-on-year 50 per cent net profit increase of $126 million.

Despite a 28 per cent increase in operating income, the company’s container business lost $5 million compared with a $2 million profit a year earlier, a poor result attributed to weak rates. Nine-month profit increased 13.5 per cent to $682 million.

SCI’s core bulk shipping division reported a $28 million operating profit drawn on revenue of $181 million.

From April through December, the first three quarters of fiscal 2012, the company lost $15 million compared with a $117 million profit year on year.

The carrier has embarked on a $4 billion fleet expansion programme to double capacity to 10 million dwt from today’s 5.82 million dwt. SCI has 26 ships totalling one million tons on order to be delivered over the next two years.

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