Highlighting the extent of its commercial recovery, The Shipping Corporation of India Limited (SCI) posted a net profit of Rs.113.75 crore (US$ 14.97 million) for the quarter ending 31st March, 2020 up by 83% from Rs. 45.99 crore (US 6.05 million) in the same three months of the previous financial year. Furthermore, SCI recorded a net profit for the 2019-20 year of Rs.302.35 crore (US$ 39.79 million) as against a net loss of Rs.121.99 crore (US$ 16.06 million) for 2018-19.
A statement from SCI added, “Though the outbreak of COVID-19 has severely impacted business operations across all industries, timely and effective measures taken by SCI have helped to minimise disruption of operations.”
SCI, India’s largest shipping company currently operates an owned fleet of 59 vessels totaling 5.31 million DWT. It also manages 59 vessels for various governmental bodies and administrations.