Shipping Corporation loses ground on lower Q4 profits

Shipping Corporation of India lost ground on Friday's trading with stock closing at Rs.189.15, down by Rs.11.70 or 5.83%. The company announced its financial results for Q4 2007 and year ending March 31, 2007 today.

The stock hit an intraday high of Rs.204.95 and low of Rs.189.15. The total traded quantity was 176766 compared to 2 week average of 81107 at a weighted average price of Rs.198.33.

The stock has been drifting lower for the last month with stock price coming down by Rs.30.95 or 14.06% from Rs.220.10 on May 15, 2007.

The company announced a net profit after tax of Rs 2846.50 million for the quarter ended March 31, 2007 as compared to Rs 3501.30 million for the quarter ended March 31, 2006. Total Income has decreased from Rs 11597.70 million for the quarter ended March 31, 2006 to Rs 10805.60 million for the quarter ended March 31, 2007.

The Company has posted a net profit after tax of Rs 10145.80 million for the year ended March 31, 2007 as compared to Rs 10422.00 million for the year ended March 31, 2006. Total Income has increased from Rs 37623.30 million for the year ended March 31, 2006 to Rs 42103.60 million for the year ended March 31, 2007.

Source : Equity Bulls

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