SINGAPORE (Nov 9): Singapore Shipping Corporation announced that 2Q18 earnings increased 4.1% to US$ 2.35 million ($3.20 million) compared to US$ 2.25 million in 2Q17.
Revenue for the second quarter ended September was 3.2% lower at US$ 11.2 million from US$ 11.6 million last year.
The group’s ship owning segment saw a 0.5% decrease in revenue to US$ 8.09 million from US$ 8.13 million a year ago.
Meanwhile, its agency and logistics segment recorded a 9.5% drop in revenue to US$ 3.15 million from US$ 3.48 million.
Other operating income increased 20.6% to US$ 0.39 million from US$ 0.33 million a year ago.
As at Sept 30, the group’s cash and cash equivalents stood at US$ 13.0 million.
Looking forward, the group is cautiously optimistic of investment opportunities in the near term given its liquidity. The group expects to remain profitable in FY18.
Shares in Singapore Shipping Corp closed 30 cents on Thursday.
