Public sector Shipping Corporation of India today announced a net profit of Rs 279.6

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crore for the first quarter of the current fiscal, a 35.64 per cent growth over the corresponding period a year ago.

The company had a net profit of Rs 206.12 crore in the first quarter of FY'08, Shipping Corporation of India said in a filing to Bombay Stock Exchange.

The total income rose to Rs 1,126.35 crore in the latest quarter, from Rs 979.99 crore in the year-ago period.

Further, the board has approved the issuance of one bonus share of nominal value of Rs 10, for every two share held in the company.

Shares of the company closed at Rs 230.05, up 0.22 per cent Friday on BSE.