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HomeMaritime NewsRegionsAsiaOperational costs hit SITC

Operational costs hit SITC

Operational costs hit SITC
Hong Kong: Shipping logistics firm SITC International managed to increase revenue in the first quarter but profit fell as operational costs bite.

The Hong Kong-listed firm posted first quarter net profit of $13.5m, a plunge of 46.2% compared to $25.1m in the same period of last year.

Revenue at the China-based firm increased 18.7% year-on-year to $288.3m compared to $242.9m. The increase primarily reflected the increase in SITC's shipping volume due to an increase in shipping capacity and higher average freight rate, as well as the increased scale of its freight forwarding operations.

Profit was trimmed by a 25.4% rise in operational costs to $261.6m in the first quarter.

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