Government update on financial condition of SCI
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Saturday, 17 Dec 2011
Mr GK Vasan minister of shipping informed the Rajya Sabha that Shipping Corporation of India is not in a financial crisis though its profitability has been impacted in the current financial year. Brief financials of SCI are as under:
| | 2009-10 | 2010-11 | Apr-Sep ‘11 |
| Turnover | 3896.33 | 4019.77 | 2121.14 |
| Net Worth | 6337.00 | 7168.13 | 7018.92 |
| Net Profit After tax | 376.91 | 567.35 | (-)140.63 |
| Cash Balance | 2676.46 | 2466.74 | 1914.99 |
(In INR crores)
The shipping industry is in a recessionary phase and the freight rates are the lowest in all segments currently which has affected the financial performance of SCI in 2011-12.
SCI has sufficient cash reserves and the need for bailing out the company will not arise.
