Singapore Shipping in the red

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

31 May 2009

Despite chalking up a $1.15 million net profit for the fourth quarter ended March 31, 2009, Singapore Shipping Corp reported a $3.5 million full-year net loss. For the fourth quarter and full year to end-March 2008, it reported a net loss of $1.69 million and a net profit of $3.75 million respectively. It said it would have been profitable in the latest year if not for a one-off impairment loss of $7.7 million on short-term investments and the decommissioning of a vessel for repair at a cost of $700,000.
Topline revenue for the full year fell 7.3 per cent to $11.7 million, from $12.67 million. It declared a final dividend of one cent per share, down from a final dividend of two cents and an interim payout of 12 cents previously.

Source: Business Times