Shipping Corp Q4 profit jumps to Rs.102 cr

Shipping Corporation of India (SCI) has reported more than seven-fold jump in net profit at Rs 101.49 crore for the quarter on gains from sale of ships. For year 2014-15, SCI recorded a net profit of Rs 200.93 crore. The total income from operations during last fiscal stood at Rs 4,310.97 crore. ¨The depreciation on these assets, earlier being provided under the ¨written down value¨ method, is now being provided for as per ¨straight line method¨ over the useful life of assets. Thereby, the depreciation for the quarter is lower by Rs 1,415 lakh and profit is higher by Rs 1,415 lakh,¨ the SCI has said.