SITC bucks trend with 23% H1 profit rise

The group’s sea freight logistics business continued to focus exclusively on the intra-Asia market as the company believes that the intra-Asia trade market will ontinue to experience healthy growth.

Results from the segment rose by more than half to $20.5m for the six months ended 30 June 2013 from $12.3m previously on a 0.6% rise in revenue to $466.4m from $463.6m previously as a 12.9% increase in shipping volume from 837,824 teu to 945,934 teu made up for a 10.85% fall in the average rate to $493 per teu.

"During the first half of 2013, the performance of the global container shipping industry was volatile due to the fast expansion of freight capacity," said SITC in a stock market announcement.

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