Singapore Shipping Corp (SSC) reported a 10.2% growth in earnings for the six months ended March 31 to US$4.45 million ($6.1 million) from US$4 million in the same period last year.
This brings FY2022 earnings to US$9.8 million, down 4.3% y-o-y.
SSC’s revenue for its ship owning business declined 5% to US$15 million in 2HFY2022. This is attributed to off-hire, or dry docking which refers to ships being removed from the water for repairs.
Meanwhile, its agency and logistics business revenue grew 39.5% to US$7.47 million due to an improvement in business volume.
Results from operating activities grew 9.7% to US$5 million for 2HFY2022.
SSC continues to cautiously evaluate its investment opportunities. This includes ship owning of newbuilds; the value of which had escalated but without corresponding increase in yields, it said in its results filing.
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Shares in SSC closed 0.5 cent higher or 1.75% up on May 26 at 29 cents.
Photo: SSC
