Shipping Corporation of India (SCI) has recorded a net profit of Rs 297.26 crore during the second quarter of the year compared to a net loss of Rs 140.60 crore during the same quarter of the previous year.

The company recorded improvement in the profits mainly due to an extraordinary realization during the quarter. The company realised Rs 478.74 crore as an extraordinary item. The figure includes about Rs 373 crore for reversal and about Rs 104 crore in carryover revenue from the liner segment.

The total income of the company increased to Rs 1,089.35 crore during the second quarter till September, 2012 compared to Rs 1,037.50 crore during the same quarter of the previous year. On the other hand, the total expense increased 17 per cent to Rs 1,245.53 crore. The finance cost fell 79 per cent to Rs 30 crore from Rs 146.28 crore.

B. K. Mandal, Director-Finance said, "Extraordinary realisation includes a reversal of foreign exchange loss from the previous quarters due to a change in accounting rules and booking of unrealised revenue in the liner segment that was not booked earlier."