Net profit in the quarter ended 30 June 2014 dropped 7.5% to $1.81m from $1.95m in the same period of last year.
Revenue decreased 20.1% year-on-year to $7.28m due to lower earnings from its shipowning and agency and logistics business.
Singapore-listed SSC, however, believed that the agency and logistics business will remain profitable despite downward pressure on rates and a seasonal drop in specialised logistics projects.
“With the upcoming acquisition of two vessels, scheduled for delivery this August and November respectively, the shipowning business is expected to perform better. These vessels, with aggregate total charter value of $188m, will more than replace the income from MV Singa Ace,” SSC said.
The company had sold the car carrier Singa Ace in February this year following its 30-year charter expiry.
“The group continues to identify opportunities to expand and build up a younger fleet with quality long term charters,” SSC said.
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