SITC posts stable first half profit

Intra-Asia carrier and logstics firm SITC International Holdings has reported stable net profit for the six months ended 30 June 2016 compared to the year-ago period.

Hong Kong-listed SITC posted a six-month profit of $71.31m, stable compared to $71.32m in the previous corresponding period.

First half revenue fell by 7.5% year-on-year to $602.41m due mainly to the decrease in container shipping freight rate and freight forwarding rate in both of the sea freight logistics and landbased logistics businesses.

The company saw a decline in average container shipping freight rate to $397.50 per teu for the first half from $428 per teu for the same period of 2015.

As at 30 June 2016, SITC operated a fleet of 74 vessels with a total capacity of 92,247 teu, comprised of 46 self-owned vessels and 28 chartered vessels.

Posted 19 August 2016

© Copyright 2019 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Lee Hong Liang

Asia Correspondent

Read more stories like this...

Sign up to the Seatrade Maritime Newsletter and get stories like this delivered to your inbox.

Subscribe Now >