SINGAPORE (May 24): Singapore Shipping Corporation reported a 60% rise in earnings to US$2.6 million ($3.5 million) for the 4Q18 ended March from its earnings of US$1.6 million in 4Q17 on higher revenue.
The latest quarter’s results brings Singapore Shipping Corp’s earnings for FY18 to US$10.4 million, representing a 22% increase from its full-year earnings of US$8.6 million in the previous year.
A final dividend of 1 cent has been declared for the financial year under review, unchanged from that of FY17.
Revenue for 4Q18 grew 10.4% to US$11.4 million from US$10.3 million a year ago mainly due to higher contributions from the group’s agency & logistics business segment, which grew 44.6% to US$3.4 million as a result of higher business volume.
Meanwhile, revenue from the group’s shipowning business segment remained relatively flat at US$8 million for the quarter.
Notably, there was also the absence of a US$0.3 million impairment loss on investment in joint venture (JV) registered in 4Q17.
Singapore Shipping Corp also registered 57.8% lower exchange differences of US$0.1 million in 4Q18 compared to US$0.3 million a year ago.
In its outlook, the group says it will continue to evaluate investment opportunities given its growing cash position, and expects a profitable performance in FY19.
Shares in Singapore Shipping Corp closed 1.8% higher at 28 cents on Thursday.
