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Net Profit

Milaha Reports 32.8% Q4 Net Profit Increase

     Photo courtesy of Milaha

Qatar Navigation (Milaha) Q.S.C. increased fourth quarter net profit 32.8 percent, the company announced today in its 2014 financial results.  It will pay a 55% cash dividend for 2014, a value of 5.5 Qatari Rials ($1.51) per share. The company said it increased its net profit 10% in 2014 over 2013, from QR950 million ($260 million) to  QR1.059 billion ($290 million). The company also increased operating revenues 14% over 2013 The Gas & Petrochem segment had an extremely strong year relative to 2013, as VLGC market rates hit record highs, and product tankers profits benefited from  higher freight rates.  Milaha’s Maritime & Logistics segment’s net income declined slightly relative to 2013, driven mostly by one-time, non-operational expenses related to vessel impairments. Milaha’s Offshore segment declined significantly year on year, as Halul Offshore faced unexpected vessel off hires, along with delays in the delivery and deployment of new vessels, driving higher operating expenses without matching revenue increases. Milaha Capital outperformed an already strong Qatari stock market to drive an increase in net profits year on year.


SHI Profits Eroded by One-Off Costs

Samsung Heavy Industries (HII) Q4 3012 net profit fell 59% due to costs related to an oil-leakage accident in 2007. Net profit for the three months ended December 31 fell to KRW73 billion from KRW176.5 billion a year earlier, reports Fox Business News; however, fourth-quarter sales and operating profit rose on orders for higher-end ships. Full-year 2012 net profit fell 6.4% to KRW796.4 billion. Operating profit climbed 11% to KRW1.206 trillion and sales rose 8.2% to KRW14.49 trillion.


Mitsui: Revenue Up, Profits Down

Mitsui Engineering & Shipbuilding Co. reported that group net profit for the fiscal first half fell 6.3% from a year earlier to 2.51 billion yen despite a 6.6% rise in revenues to 199.64 billion yen. The shipbuilder cited falling product prices, stiffer competition and exchange losses as the primary culprits. In its consolidated earnings report, Mitsui Engineering posted a pretax profit of 2.31 billion yen in the six months to Sept. 30, down 52.3%, with net profit per share falling to 3


Vopak Reports '99 Net Down, Eyes Improvement

Dutch shipping and tank storage firm Vopak NV reported that its ordinary net profit fell by 5.3 percent in 1999, but said it expected improvements this year. Net profit from ordinary activities fell to $163.2 million, from $174.4 million in 1998, roughly in line with analysts' forecasts and earlier indications from the company of a five to 10 percent drop. The weakness was largely due to a drop in earnings at Tanker Shipping as excess capacity pressured rates


Steamship Reports First Nine-Months Results

A/S Steamship Co TORM (TORM), a shipping company specializing in the worldwide commercial operation of a fleet of tankers and bulk carriers, reported its results for the first nine months of 2003. Net profit for the third quarter 2003 was DKK 232 million ($35 million), including an unrealized gain on the Company's investment in Dampskibsselskabet "NORDEN" A/S; and net profit for the first nine months of 2003 was DKK 468 million ($70 million), including an unrealized gain on the NORDEN shares


IHC Caland Profit Up

Dutch IHC Caland NV said on Monday preliminary net profit rose eight percent in 2000, and reflected on a "difficult and often frustrating year." Net profits are expected to be 75 million euros ($69.4 million), compared with 69.5 million in 1999. The figure came in at the low end of analysts expectations, but at exactly the level the company predicted in September. Company watchers had forecast the company's net profits would be 75.3-77.2 million euros, with a consensus at 76.3 million euros


Adsteam Considers Expansion

According to an Australian Associated Press report, maritime services company Adsteam Marine Ltd is considering expanding operations into Asia and mainland Europe as part of its growth strategy. The firm was now considering expanding its existing markets as well as looking at new acquisitions since restructuring the business over the last two and a half years, according to the report. Adsteam - which operates more than 200 tugboats, barges


Vopak To Sell Tankers

Dutch chemicals storage and shipping company Koninklijke Vopak reported a five percent rise in 2000 net profit, driven by its North American distribution business, and forecast a sharper rise in the current year. Vopak, the world leader in tank storage, said net profits after payouts of preferential share dividends rose to 160.1 million euros ($148.9 million) in 2000 from 152.2 million euros in the previous year. Vopak said profits after goodwill write-offs were likely to rise by eight to 10


Keppel Q1 Profits Dip Slightly

Maersk Intrepid was delivered by Keppel in Q1 2014 (Photo courtesy Maersk)

The Keppel Corporation released its limited unaudited results for the first quarter ending March31, 2014, reporting a 5% decrease in net profits to S$339 million compared to Q1 2013's S$357 million, though the company attributed the decline to one-off gains from the reversal of provision from the sale of a power barge and write-back of tax provision made by Keppel Land in Q1 2013. Earnings per share also fell, now 18.7 cents, down 6% from 1Q 2013's 19


Maersk's Shipping Profit Doubles on Europe-Asia Demand

Maersk Contianerized.jpg

A.P. Moller-Maersk Q1 net profit $1.207 bln vs $1.072 forecast; Raises full-year outlook. Profit at A.P. Moller-Maersk's container shipping business, a bellwether for global trade, more than doubled in the first quarter as demand on the world's busiest route between Asia and Europe picked up and it cut costs. That helped the Danish shipping and oil group beat forecasts for net profit on Wednesday and prompted the company to raise its outlook for the full year.


Jinhui Shipping Plummets to Loss

Image: Jinhui Shipping

 Norway listed dry bulk shipper Jinhui Shipping said the tough market that owners faced last year will become tougher in 2015.   Dry bulk shipping market Environment continued to be weak despite global economic confidence has been improving in the fourth quarter of 2014.  


ST Engineering Y-O-Y Profits Slip

  Singapore Technologies Engineering Ltd  reported today its full year financial results ended 31 December 2014 (FY2014) with a Group revenue of $6.54b compared to $6.63b as reported for FY2013. Profit before tax (PBT) of $650.7m was $79m or 11% lower year-on-year compared to $729


SCI's Worldwide Agents Meet

SCI’s Worldwide Agents Meet 2015

  The Shipping Corporation of India’s (SCI) Worldwide Agents Meet 2015 was this year held in the Auditorium of  it's Maritime Training Institute at Powai. The meet was attended by about 102  delegates from various agency houses  representing Far East, Indian Subcontinent


Maersk Sheds Danske, to Issue Dividend

Danish shipping and oil group A.P. Moller-Maersk will hand shareholders a $6.6 billion windfall in dividends this year after it sells its 20 percent stake in Denmark's biggest bank Danske. Analysts had expected Maersk to announce the divestment of some assets on Wednesday as part of its


Maybulk to Build Five More Ships

Pic: Malaysian Bulk Carriers Bhd

 Unfazed by the tough market conditions that the shipping industry is faced with, Malaysian Bulk Carriers Bhd (Maybulk) said it will move forward with fleet renewal activities.    Maybulk is building five new ships to expand its fleet size to 27 vessels by 2018


MMA Offshore Posts 55.8% YoY Profit Increase

  Photo courtesy of MMA Offshore

MMA Offshore, the company born from the merger of Mermaid Marine Australia and Jaya Holdings in June 2014, posted a net profit of $37.7 million for the half year that ended on December 31, 2014. This represents a 55.8% increase over the same half-year in 2013 for what was formerly Mermaid Marine


Maersk May Reward Shareholders as Oil Unit Suffers

Danish conglomerate A.P. Moller-Maersk may announce a second share buyback scheme in its 110-year history as early as Wednesday, analysts said, allowing it to reward shareholders as its oil unit takes a battering from a slump in prices. Further divestments from its large portfolio of companies


Shipping Corporation of India Turns Black in Q3

Photo: Shipping Corporation of India

 Shipping Corporation of India reported net profit of Rs 31.35 crore ($5.2 milion) in Q3 December 2014 as compared with net loss of Rs 65.67 crore ($10.94 mln) in Q3 December 2013.   Sales declined 1.48% to Rs 983.33 crore in the quarter ended December 2014 as against Rs 998


Malaysia: Westports’ profit up despite lower revenue

Image: Westports Malaysia

 Westports Holdings Bhd’s net profit jumped 6.6% to $38.54mln for its fourth quarter ended Dec 31, 2014, resulting in a record 12-month net profit of $141.2 mln for the port operator.  However, revenue for the full year declined to $430 million from $472 million.   


Shreyas Sails Back to Black on Shipping Growth

Photo: Shreyas Shipping and Logistics

 Shreyas Shipping and Logistics rebounded to a US $3.6 million net profit in the third fiscal quarter from a net loss of about $468,000 in the same period in 2013, driven by a significant growth in the shipping activity that has helped the company become a pan-India feeder line. 


Turbine Maker Vestas to pay Dividend

Analysts disappointed by 2015 financial targets; shares fall over 6 percent. Danish wind turbine maker Vestas proposed its first dividend payment in 12 years after beating fourth-quarter profit forecasts, though its shares fell on what analysts described as conservative targets for 2015.


Gujarat Pipavav Port Profit Jumps 16%

Pipavav Managing Director, Mr. Prakash Tulsiani

Gujarat Pipavav Port Ltd. (APM Terminals Pipavav), operating one of western India’s fastest growing gateway ports, today reported a 16% jump in net profit for the fourth quarter ended 31st December 2014, as against INR 771 million in the corresponding quarter last year mainly


Cosco Profits Boosted by Low Fuel Prices

Image: China Cosco Holdings

China Cosco Holdings ended 2014 in profitable territory, growing its net earnings by 50 percent to $56 million on the back of cost cuts, improved revenue and lower bunker fuel prices.  The company, the flagship unit of state-owned shipping conglomerate China Ocean Shipping (Group) Corporation


Stolt-Nielsen Q4 Profit Misses Forecast

A Stolt Tanker underway (Stolt-Nielson)

Shipping firm Stolt-Nielsen reported fourth quarter earnings below forecasts on Thursday and said it was concerned about the outlook for the chemical tanker market, even as lower fuel prices would help operations. Stolt-Nielsen's fourth quarter net profit fell to $13.1 million from $35


China's COSCO Group Returns to Profit

Logo

China Ocean Shipping Group Co (COSCO) returned to profit in 2014 after three years of losses, state media said on Saturday, citing an interview with the group's chairman. The state-backed shipping conglomerate, which controls China COSCO Holdings Co Ltd , had a profit of 5.04 billion yuan ($809






 
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