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SITC posts stable first half profit

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.