Singapore Shipping Corporation has reported earnings of US$7.7 million ($10.2 million) for the 1HFY2024 ended Sept 30, 71.9% higher y-o-y.
Earnings per share (EPS) for the period rose by 72.8% y-o-y to 1.92 US cents up from 1.11 US cents previously.
Revenue for the six months increased by 10.6% y-o-y to US$25.3 million thanks to the revenue increase in its agency and logistics segment offset by a dip in ship owning revenue. In the 1HFY2024, agency and logistics revenue rose to US$9.8 million from US$6.9 million in the corresponding period the year before while ship owning revenue dipped to US$15.5 million from US$15.9 million the year before.
Other operating income was up by 19.2% y-o-y to US$403,000.
Depreciation expenses deepened by 7.0% y-o-y to US$4.2 million while vessel operation costs increased by 15.4% y-o-y to US$3.3 million.
No dividends were reported for the period.
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As at Sept 30, cash and cash equivalents stood at US$18.3 million, up from US$5.8 million. The higher figure was mainly attributed to operating cash inflows after considering the repayment of bank borrowings, the payment of dividends to shareholders and payment of drydocking expenditures.
In its outlook statement, the group says it remains “optimistic” that it is able to enjoy higher charter rates in the near term for its ship owning segment. At the same time, it will continue to “evaluate investment opportunities”.
Shares in Singapore Shipping Corporation S19 closed flat at 23.5 cents on Nov 7.
