Shipping Corporation of India swung to a $14 million loss in the third fiscal quarter of 2012-13 from a $13.86 million profit in the same period in 2011.
Total income for the three months to the end of December 2012 fell 22 percent year-over-year to $193 million, but net sales grew 4.5 percent from a year earlier to $189 million. Total revenue during the corresponding period in 2011 was $247.3 million, which included $32.7 million from disposal of ships.
The company’s liner segment rolled back into the black, reporting a $2.6 million operating profit versus a $4.5 million loss in the same quarter in 2011. Liner revenue fell 26 percent, however, to $52.3 million.
The core bulk shipping business booked a $20.6 million operating loss, compared with a $25.7 million profit during October-December 2011, on a 28 percent year-over-year fall in revenue to $119.5 million.
Operating expenses from October to December 2012 totaled $203 million, down from $222 million a year earlier.
From April through December, the first three quarters of fiscal 2012-13, India’s largest shipping line reported a net profit of $31.2 million, compared with a $13.5 million loss in the same period in 2011.
SCI, which lost $78 million in fiscal 2011-12 compared with a $103 million profit in the prior year, has been forced to scale back its fleet expansion plans, given the ongoing shipping slowdown.