SCI presents interim dividend of Rs. 101.78 crore

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New Delhi, Mar 28 (UNI) The Shipping Corporation of India (SCI) presented an interim dividend of Rs 101.78 crore for the fiscal 2007-08 to Shipping Minister T R Baalu here today.

The interim dividend of 45 per cent, reflecting the earnings on the 80.12 per cent shareholding of the Government of India in the SCI, was presented to Mr Baalu by company Chairman and Managing Directorm S. Hajara.

The SCI, a profit-making PSU of the Shipping, Road Transport&Highways Ministry, had declared a net profit of Rs.565.21 crore for the first nine months of the financial year 2007-08. It is the only Indian company to have earned a net annual profit of Rs.1000 crore and been doing for the last three years in a row.

The SCI is the largest shipping company in India, owning a fleet of 79 vessels of deadweight of 4.76 million tonnes.

The fleet, comprising 39 tankers, 20 bulk carriers, 10 offshore vessels, three liner vessels, three chemical carriers, two LPG/ammonia carriers and two passenger carriers, accounts for about 33 per cent of India's tonnage.

In addition, the company also manages 50 vessels on behalf of ONGC and other government departments.

The SCI has on order 28 ships of about 2.4 million deadweight worth over Rs 6,000 crores and these comprise two VLCCs (which are currently the largest ships on order by any Indian shipping company) and several other vessels.

It has an ambitious plan to acquire 62 ships during the 11th Plan period and is also in the process of implementing an end-to-end integrated IT system covering its entire operations.

The company has also been awarded ISO 9001:2000 certification for implementing a company-wide quality management system.

UNI SKS VD DS1407

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