Extraordinary realisation helped Shipping Corporation of India (SCI) post a net profit of Rs 297.26 crore in the quarter ending September 30, 2012 against a net loss of Rs 140.60 crore in the year-ago period.
According to BK Mandal, Director-Finance the company witnessed a reversal of foreign exchange loss from the previous quarters owing to a change in accounting rules.
Besides it also booked unrealised revenue in the liner segment that was not booked earlier. The company realised Rs 478.74 crore as extraordinary item. This includes about Rs 373 crore on account of reversal and about Rs 104 crore in carryover revenue from the liner segment.
During the quarter under consideration, the firm’s total income rose to Rs 1,089.35 crore against Rs 1,037.50 crore, a year earlier while total expenses rose 17 per cent to Rs 1,245.53 crore (Rs 1,064.36 crore). Finance costs, however, fell 79 per cent to Rs 30 crore from Rs 146.28 crore.
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