Shipping Corporation of India has dipped 9% to Rs 67.45 on the BSE in intra-day trade after the company reported a sharp 73% year on year (YoY) decline in net profit at Rs 56 crore for the quarter ended June 30, 2016 (Q1FY17), due to lower operational income. The company had registered a profit of Rs 204 crore in the same quarter year ago.
Total income from operations during the quarter under review fallen 23% YoY to Rs 840 crore, against Rs 1,085 crore in the corresponding quarter of previous year.
The loss before tax and interest of liner and bulk carrier segments more than doubled to Rs 48 crore and Rs 54 crore, respectively.
At 11:39 am, the stock was down 5% at Rs 70.25, as compared to 0.05% fall in the S&P BSE Sensex. The trading volumes on the counter jump two-fold with a combined 1.44 million shares changed hands on the BSE and NSE.