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Shipping Corporation slumps after Q1 net plunges 73%

Shipping Corporation, Financial results

Mumbai:Shipping Corporation shares fell over 9 per cent to an intraday low of Rs 67.55 on Friday after the state-run shipping company reported 73 per cent decline in its net profit for the April-June quarter.

The Mumbai-based company reported a net profit Rs 56 crore on sales of Rs 840 crore in Q1, compared to a net profit of Rs 204 crore on revenue of Rs 1,085 crore in the corresponding quarter of last fiscal.

It net profit slumped despite a Rs 13 crore boost due to provision write-backs during the quarter.

As of 12.52 p.m., Shipping Corporation shares traded 5.32 per cent lower at Rs 70.35 compared to 0.15 per cent fall in the broader Sensex.

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