18-11-2017

SCI speeds up scrapping of older ships

State-run Shipping Corporation of India (SCI) is quickening the pace of scrapping older ships from its fleet. India’s biggest maritime carrier is looking at ways to avoid slipping into the red after running a net loss of Rs. 82.90 crore in the first half of FY18.

In the first half of FY17, the firm had posted a net profit of Rs. 39.92 crore.

The first-half net loss was despite a rise in operating revenue to Rs. 1,673 crore from Rs. 1,584.71 crore in the year-ago period.

A potential full-year loss in FY18 would mean reversing three continuous years of profits, which again came after three consecutive years of losses at the Navratna firm.

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Source: The Hindu Business Line

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