Overview
Singapore shipping firm's H1 revenue rose over 12% yr/yr to $320 mln
Gross profit for H1 fell ~8% yr/yr, profit after tax declined ~21%
Company faced higher operating and finance costs in the period
Result Drivers
HIGHER OPERATING COSTS - Cost of sales, marketing and administrative expenses rose, weighing on gross profit and net income
INCREASED FINANCE COSTS - Finance costs rose 31%, driven by higher interest on borrowings and lease liabilities
HIGHER DEPRECIATION - Depreciation of right-of-use assets more than doubled, adding to cost pressures
Company press release:
Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
H1 Revenue
$320.28 mln
H1 Net Income
$33.24 mln
H1 Gross Profit
$48.57 mln
H1 Pretax Profit
$35.08 mln
Reuters Recommended Reads
July 28 - Shipping group CMA CGM expects demand strength to stretch into third quarter
July 29 - Ardmore Shipping Q2 revenue jumps on higher spot charter rates
July 27 - Monaco's Costamare Q2 voyage revenue falls 4.8% on lower charter rates
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