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Singapore Shipping Corp FY19 earnings edge up 1.4% to US$10.6 mil

PC Lee

SINGAPORE (May 23): Singapore Shipping Corp (SSC) reported a 19.2% rise in 4Q19 earnings to US$3.1 million from US$2.6 million in 4Q18.

This brings FY19 earnings to US$10.6 million, up 1.4% from a year ago.

SSC’s ship owning business reported flat 4Q revenue of US$8 million while 4Q profit rose 10.6% to US$2.7 million. Its Agency and logistics business reported a 32.1% rise in 4Q revenue to US$4.5 million although profit fell 4.3% to US$0.76 million.

Results from operating activities fell 1.1% to US$3.2 million.

The company has proposed a final dividend of 1 cent per share.

In its results commentary, the group says it has performed well in FY19.

Looking ahead, the group plans to continue evaluating investment opportunities with its growing cash position.

Barring unforeseen circumstances, the group expects a profitable performance in the financial year ending March 31, 2020.

Shares in SSC closed 0.5 cent lower at 28 cents on Thursday before the results filing.