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Samudera posts $26.8 million 2008 profit
2009/3/3
Samudera Shipping Line has reported a net profit of US$26.8 million for the financial year ended December 31, 2008. This represents a 29.1 percent growth over the $20.7 million achieved in the previous year.
On the back of an increase in container volume handled and selling price in its container shipping business, revenue rose 17.5 percent to $443.3 million, from $377.2 million the year before.
Overall, container volume handled grew 5.9 percent to 1.51 million TEUs, from 1.42 million TEUs handled in the previous year. The group also recorded a significant improvement in its inter-island container shipping services in Indonesia, which further contributed positively to its operational profit.
A new shuttle service, the Yangon Express Service, was introduced and China-India service was withdrawn in December 2008.
Samudera incurred higher cost of services in view of higher bunker prices, charter hire rates as well as an increase in depreciation cost from new vessels delivered during the year. Despite this, gross profit for grew 24.6 percent to $52.9 million, from $42.5 million the year before.
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2009/3/4