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Singapore Shipping Corp improves full year results

Singapore Shipping Corp improves full year results
Singapore Shipping Corporation (SSC) has improved its results for the financial year ended 31 March 2016 compared to the previous financial year.

Net profit for the year rose by 7.8% to $9.59m from $8.9m in the previous financial year.

The annual revenue also increased by 29.4% year-on-year to $44.92m due mainly to stronger performance from the shipowning segment following the delivery of three vessels.

The results were partly offset by weaker contribution from the agency and logistics segment, owing to lesser business activities and margin pressures.

Singapore-listed SSC said three vessels are due for drydocking in financial year 2017 and the group expects earnings from the shipowing segment to remain stable.

“Barring unforeseen circumstances, the group expects its overal performance in financial year 2017 to be profitable,” it said.

SSC has a fleet of six car carriers ranging from 5,190-7,200 cars capacity, according to its website.