Ship Agents, Sino-Global, Cut Losses in Fiscal 2013

MarineLink.com
Sunday, September 29, 2013

Sino-Global Shipping America, Ltd. (Nasdaq: SINO), an international provider of shipping agency services, today announced its selected financial results for fiscal year ended June 30, 2013.

Highlights

  • Revenues decreased by 48.85% to US$17.3 million, from US$33.9 million in the fiscal year ended June 30, 2012.
  • Gross margin increased to 11.13% in the current fiscal year compared to 7.96% in the prior fiscal year.
  • Total general and administrative expenses were reduced by $1.36 million during the year, representing a decrease of 25.93% compared to the last fiscal year.
  • Net loss was US$2.58 million compared to net loss of US$2.81 million in fiscal 2012.
  • Basic and diluted losses per share were US$0.38 and US$0.61 for fiscal 2013 and fiscal 2012, respectively. Earnings and losses per share are adjusted for the non-controlling interest.

While China's economic slowdown reduced the volume of iron ore imported into China and, consequently, hurt the company's results in fiscal 2013, the company was able to streamline operations to improve gross margin, reduce overhead and reduce net operating losses. Mr. Michael Huang, Chief Operating Officer, noted, "As a result of the challenges we faced in 2013, we devoted significant efforts to controlling our costs. If we can grow our revenues with comparatively lower overhead and better gross margins, we expect favorable results in 2014 and beyond."

The number of ships served decreased to 438 in fiscal 2013 from 477 in fiscal 2012, and the number of ships for which we provide higher per-ship revenue loading and discharging services decreased by 55.65%. As a result, revenues decreased significantly; however, the number of ships for which we provided protective services increased by 142.98%. These protective services, while lower revenue per ship, feature a higher gross profit margin for our company.

In connection with the shift of revenue mix, Sino-Global undertook an intensive cost cutting program, which decreased expenses by $1.4 million during fiscal 2013. Mr. Cao Lei, Sino-Global's Chief Executive Officer, stated, "As challenging as 2013 was for our company, we have made significant changes towards the end of the year that are positive catalysts going into the new fiscal year. As a result of these efforts, we are a leaner company than this time last year, and we are able to focus on higher margin services, such as our protective services and our efforts in the chartering and logistics business. We believe that these efforts will pay off long term for investors, as we drive revenues with lower expenses."
 

Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Garamendi Introduces Bipartisan GPS Backup Bill

Congressman John Garamendi (D-Fairfield, CA), the Ranking Member of the House Transportation and Infrastructure Subcommittee on the Coast Guard and Maritime Transportation,

Soo Locks Open for Great Lakes Shipping Season

At 12:01 a.m. on Wednesday, the U.S. Army Corps of Engineers officially opened the Soo Locks for the start of the 2015 Great Lakes shipping season.   The locks at Sault Ste.

Lack of Ship Definition is a Threat to Investors

AKD says the lack of an unambiguous term to describe a ‘ship’ in several jurisdictions represents a potential threat to asset security for financiers, particularly

Finance

Lack of Ship Definition is a Threat to Investors

AKD says the lack of an unambiguous term to describe a ‘ship’ in several jurisdictions represents a potential threat to asset security for financiers, particularly

HHI’s 2014 Results Fall Short

The world’s biggest shipbuilder, Hyundai Heavy Industries (HHI), held its 41st Annual General Meeting of Shareholders in Ulsan, South Korea.   The meeting agenda

Swedish Club Reports 'Healthy Growth'

The Swedish Club reported a solid operating result to its board today, continuing a record of building on steady growth. 2014 was seen as a stable year, where the

Logistics

Soo Locks Open for Great Lakes Shipping Season

At 12:01 a.m. on Wednesday, the U.S. Army Corps of Engineers officially opened the Soo Locks for the start of the 2015 Great Lakes shipping season.   The locks at Sault Ste.

Plans in Place to Test Intermodal River Transport

The Paducah-McCracken County Riverport Authority and Ingram Barge Company has announced plans to assess the viability of Intermodal River Transportation, utilizing

Statoil: Polarled Pipe-Laying Kicks Off

On 26 March, the Solitaire pipe-laying vessel started on the first stage of the Polarled installation project. The 482-kilometre long pipeline will transport gas

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3376 sec (3 req/sec)