The Singapore-listed shipping trust reported second quarter profit of $1m compared to a loss of $7.2m in the same period in 2013. For the first half of 2014 despite the positive second quarter the trust remained in the red with a loss of $3.95m. Revenues in the second quarter were up 7.2% at $22.95m compared to $21.29m in the same period a year earlier.
“We are pleased that the Trust has generated a quarterly profit for the first time in three years and, more importantly, seen a strong increase in cash generation,” said Alan Hatton, ceo of FSL Trust Management. “This follows a challenging and tumultuous 12 months and demonstrates that, so far, our restructuring efforts have produced good results.”
Included in the restructuring was the sale of two loss making 15-year old bulk carriers. “The sale of two vessels has reduced our debt balance, the cost of debt service and relieved the pressure on our cash flow,” Hatton said.
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