Shipping Corporation Q1 FY07 net slips 34%

New Delhi, July 28 (UNI) Shipping Corporation of India today reported a drop of 34 per cent in net profit at Rs 182.01 crore for the first quarter ended June 30, 2006 as compared to Rs 274.07 crore for the same quarter last year.

The company's total income declined 1.85 per cent to Rs 800.80 crore for Q1 FY07, from Rs 815.92 crore for Q1 FY06.

Earlier, the company said it will set up joint venture with Forbes Gokak Ltd and Sterling Investment Corporation Pvt Ltd to acquire and operate vessels.

The company will hold 50 per cent of the issued share capital and Forbes Gokak Ltd and Sterling Investment Corporation Pvt Ltd together will hold the balance 50 per cent of the issued share capital.

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