State-run Shipping Corporation of India (SCI) has reported nearly 40% decline in net profit at Rs 74.10 crore for the third quarter ended December 31, 2011. The company had reported a net profit of Rs 123.06 crore during the October-December quarter of the last fiscal.
However, the company witnessed a rise of about 9 percent in its income from operations at Rs 967.01 crore as against Rs 888.93 crore in the same period last fiscal.
It has 33 vessels on order, of which 21 are ordered on Chinese shipyards. The company has been able to tie up the financing in respect to only 10 of these vessels.
