Shipping Corporation announces Q4, FY'06 results

Mumbai, June 16 (UNI) The Shipping Corporation of India (SCI) Ltd has posted a net profit after tax of Rs 350.13 crore for the quarter ended March 31 this year, as compared to Rs 611.13 crore for the similar period last year.

The company's total income has increased to Rs 1,089.2 crore from Rs 958 crore during the same period last year.

The company has posted a net profit after tax of Rs 104.22 crore for the year ended March 31 this year, as compared to Rs 141.99 crore for the corresponding period last year.

The total income of the company has decreased to Rs 358.4 crore in this quarter from Rs 364.57 crore during the same period a year ago.

The board of directors have declared an interim dividend of Rs 8.5 per share at the board meeting held on January 27 this year. The interim dividend of 85 per cent on paid-up equity capital of the company, that is Rs 8.5 per share amounted to Rs 239.96 crore and payment of tax on this dividend was Rs 33.65 crore.

No further dividend has been recommended and as such the interim dividend will be deemed as final dividend. The company declared a dividend of 70 per cent for the last year 2004-05.

SCI has recorded a net profit of Rs 1,042 crore for the year ended March 31 this year, as against Rs 1,419.91 crore the previous year.

The total income for 2005-06 was Rs 3,757 crore as compared to Rs 3,645.78 crore for 2004-05. The earning per share was also at Rs 36.92 for 2005-06 as against Rs 50.30 for 2004-05.

SCI CMD S Hajara told mediapersons here last night that the company has placed orders for building two vessels each to Daewoo Shipbuilding and Marine Engineering Company Ltd, South Korea. The vessels would be delivered in 2008 and 2009. During the current financial year, the company plans to acquire 35 more vessels at an investment of approximately Rs 6,300 crore.

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