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Jinhui Holdings Company post net profit up by 16pct in Q2 2018

Logistic News - Published on Fri, 31 Aug 2018

Image Source: PortWays
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Jinhui Holdings Company post net profit up by 16pct in Q2 2018

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Jinhui Holdings Company post net profit up by 16pct in Q2 2018

Revenue for the Q2 of 2018 increased 16% to USD 22,118,000, comparing to USD 18,995,000 for the corresponding quarter in 2017. The Company recorded a consolidated net profit of USD 2,841,000 for current quarter as compared to a consolidated net loss of USD 784,000 for the corresponding quarter in 2017. Basic earnings per share was USD 0.026 for the Q2 of 2018 while basic loss per share was USD 0.009 for the corresponding quarter in 2017.

Revenue for the first half of 2018 increased 17% to USD 40,094,000, comparing to USD 34,296,000 for the same period in 2017. The Company recorded a consolidated net profit of US$5,312,000 for the first half of 2018 while a consolidated net loss of US$8,755,000 was reported in the first half of 2017 due to the recognition of impairment loss on assets held for sale (disposed vessels) of US$6,301,000 in the first half of 2017. Basic earnings per share for the period was US$0.049 as compared to basic loss per share of US$0.104 for the first half of 2017.

Revenue increased from US$18,995,000 for the Q2 in 2017 to US$22,118,000 for the current quarter of 2018, representing an increase of 16%, despite the reduction in the number of Group’s owned vessels in the Q2 of 2017. The average daily time charter equivalent rates (“TCE”) earned by the Group’s owned vessels improved 34% to US$11,008 for the Q2 of 2018 as compared to USD 8,231 for the corresponding quarter in 2017.

Shipping related expenses dropped from US$10,694,000 for the Q2 in 2017 to US$10,189,000 for the current quarter. The decrease was attributable to the reduction in the number of vessels as the Group had disposed of five vessels in the Q2 of 2017. Daily vessel running cost increased 9% from US$3,777 for the Q2 of 2017 to US$4,100 for the Q2 of 2018 due to mild inflation in crew wages, and repair and maintenance expenses being booked during this time of the fiscal year. Subsequent to the reporting date, the Group had disposed of three vessels aged above 15 years. We will continue with our cost reduction effort, striving to maintain a highly competitive cost structure when stacked against other market participants.

The Group has benefited from considerable interest savings in the upcoming rising interest rate environment from the full repayment of two vessels’ mortgage loans with relatively higher interest margin amounting to US$19,100,000 in March 2018. Finance costs have decreased by 59% from US$1,740,000 in Q2 of 2017 to US$714,000 in Q2 of 2018 which was attributable to the reduction in outstanding interest bearing loans.

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Posted By : Joykumar Irom on Fri, 31 Aug 2018
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