02SEP2019 - News - FIRST QUARTER PERFORMANCE BOOST FOR SCI

Over the first quarter of the 2019/20 financial year, ending June 30th, the Shipping Corporation of India (SCI) achieved significantly improved financial results compared with the equivalent period in the previous year. The company’s consolidated income was up to RS 968.23 crores (US$ 134.96 million), from RS 913.09 crores (US$127.27 million) in the first quarter of 2018/19. Consolidated losses narrowed from RS 190.39 crores (US$ 26.5 million) to RS 28.90 crores (US$ 4.02 million) in this period.

Chairman and managing director, Captain Anoop Sharma, says, “This quarter was considerably better than the first three months of the last financial year because we were able to secure improved charter hires for our ships, and to have more operating days. Greater operational efficiencies have led to a much improved EBITDA margin as well.”