Vallianz posts 85% drop in 3Q16 earnings

SINGAPORE (Nov 14): Vallianz Holdings, the vessel charterer, posted a 84.9% fall in 3Q16 earnings to US$0.69 million ($1 million) from US$4.6 million in 3Q15 a year ago.

Revenue fell 8.4% to US$54.8 million from US$59.8 million. Although charter revenue increased in 3Q16 compared to 3Q15, this was more than offset by a decrease in vessel management revenue due mainly to the completion of ship management projects in Latin America in late 2015.

But cost of sales decreased only 0.2% to US$42.9 million resulting in a 29.3% fall in gross profit. Other income also shrunk 51.3% to US$0.71 million.

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