Shipping Corporation net slumps

Hurt by declining revenue in its liner and bulk segments, state-owned Shipping Corporation of India slumped to a net loss in the third-quarter.
In the October to December period, the shipping major posted a net loss of Rs 75 crore against a net profit of Rs 74 crore in the corresponding period last year. Revenue in the liner segment declined 26 per cent to Rs 280 crore and in the bulk segment, the revenue fell 28 per cent to Rs 639 crore.
Liner segment includes break-bulk and container transport. Bulk segment includes different types of carriers like dry bulk carriers, gas carriers and tankers. Total income during the quarter fell 22 per cent to Rs 1,032 crore (Rs 1,323 crore, a year earlier). Shares of the Mumbai-based company, closed at Rs 50.85 a share, down 4.33 per cent on the BSE.
Source: Hindu Business Line