Uni-Asia Group has reported earnings of US$11.0 million ($14.9 million) for the 2HFY2021 ended December, reversing from a net loss of US$3.6 million in the same period the year before.
The group also saw a reversal of fortunes as earnings stood at US$18.0 million in the FY2021, from the net loss of US$7.5 million in the FY2020.
2HFY2021 total income increased by 55% y-o-y to US$37.8 million due to higher charter income and offset by lower fee income. Sale of properties under development stood at US$4.0 billion, where there were none in the same period the year before.
FY2021 total income increased by 51% y-o-y to US$69.4 million.
FY2021 charter income grew by 57% y-o-y to US$47.8 million despite the disposal of one wholly-owned containership in the 1QFY2021.
According to Uni-Asia, the shipping market bounced back strongly in 2021. This was due to several factors including increased cross-border trade, which saw higher demand, and port congestion, which meant decreasing supply.
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The group’s wholly-owned dry bulk ships benefited from the strong market in 2021, with daily charter rates averaging around US$13,500 per day for FY2021.
Total fee income for FY2021 fell 26% y-o-y to US$5.7 million after recurring asset management and administration fee income declined by 7% y-o-y after the disposal of three joint-investment containership investments which had contributed to administration fee income in FY2020.
Properties under development were sold for US$9.1 million in FY2021.
As at end-December, cash and cash equivalents stood at US$36.7 million.
A final dividend of 3 cents per share has been declared during the period, along with a special dividend of 2 cents per share. This brings the total dividend for the FY2021 to 7 cents per share.
The final and special dividend totalling 5 cents per share is payable on May 31.
Shares in Uni-Asia Group closed at $1.23 on Feb 28.
