Seroja warns of Q1 loss

Indonesia-based Seroja Investments has issued a profit warning for the first quarter ended 31 March 2013 due mainly to low shipping freight rates and higher operating costs.

The Singapore-listed firm is expecting to incur a net loss during the quarter compared to the corresponding period of 2012. “The loss is mainly due to lower gross margin, mainly attributable to lower freight rates as well as high operating expenses incurred for our fleet of vessels,” it said.

The Indonesian investment firm provides chartering services of tugboats and barges primarily used to transport thermal coal, sand and other quarry materials.

The company generally enter into freight and time charters which range from a period of one to five years.

Posted 10 May 2013

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Lee Hong Liang

Asia Correspondent

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