Guangzhou Shipyard Sees Profit Increase
According to reports, Guangzhou Shipyard International Co. Ltd., who has already seen its Hong Kong-listed shares surge almost six-fold this year, said it will report a 500% third-quarter profit increase from last year, thanks to higher efficiency and improved margins. A shorter shipbuilding cycle has also helped Guangzhou Shipyard, the only listed shipbuilding unit of China's largest ship builder, China State Shipbuilding Corp. (CSSC), to sell more ships at higher margins during the quarter ended September 30. The company posted a $1m profit for the third quarter of 2005. In an announcement on Tuesday, it forecasted a five-fold increase in the same period. The company is benefiting from high demand for new tankers and low labour costs that help it win orders from overseas.
HHI Profits Plummet 68%
Korea's Hyundai Heavy Industries expects to post a net profit of $39.8 million (44.4 billion won) in the first half, down 68.2 percent from the first half of 1999. The shipbuilding unit of the Hyundai Group expects the lower profits despite an expected rise in first-half sales to $2.69 billion (3 trillion won), up 8.9 percent. Net profits were shaved by investment losses stemming from the company's sale of stakes in Hyundai affiliates, even though its operating profits increased, he said.
Aveva Expects Results to Beat Market Forecasts
Reuters reported that Aveva Group Plc said it expected full-year results to beat market expectations after the IT engineer surprised with half year profits that more than doubled on the back of China's buoyant shipbuilding market. Shares in Aveva were up more than 7 percent after it said adjusted pretax profit increased 149 percent to $26.2m) in the six months to Sept 30, with revenues up 58 percent.
Dramatic Turn-Around in COSCO's Q1 2014 Finances
Offshore marine engineering, shipbuilding, ship repair & conversion and dry bulk shipping group, COSCO Corporation (Singapore) reports a Q1 2014 gross profit increase increase Y/Y of 21.8%. Group turnover increased 41.8% to $1.04 billion in Q1 2014 from $733.0 million in Q1 2013 on the back of increase in shipyard revenue. Turnover from shipyard operations increased by 43.2% to $1.03 billion from $719.2 million in Q1 2013, supported by higher revenue contribution from ship repair and marine engineering which more than offset the decline in revenue from ship building.
Saudi Shipper Bahri Q3 Net Profit Rises
National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 501 percent increase in third-quarter net profit on Tuesday. The company made a net profit of 510.3 million riyals ($136.10 million) in the three months to Sept. 30, up from 84.85 million riyals in the same period a year earlier, it said in a bourse statement. Bahri attributed its profit increase to higher revenues following its merger with Vela Marine International, higher profits at affiliate Petredec Ltd and lower bunker costs. Bahri did not state its quarterly revenue. Albilad Capital forecast Bahri would make a third-quarter profit of 300 million riyals.
Conrad Reports 1Q 2004 Results
Conrad Industries, Inc. reported a net loss of $132,000 and loss per diluted share of $0.02 for the three months ended March 31, 2004 compared to a net loss of $321,000 and loss per diluted share of $0.04 for the first quarter of 2003. Revenues for the three months ended March 31, 2004 were $11.7 million compared to $10.5 million for the first quarter of 2003. The Company’s backlog was $37.1 million at March 31, 2004 as compared to $43.6 million at December 31, 2003 and $31.8 million at March 31, 2003. Gross profit was $1.0 million (8.6% of revenue) for the first three months of 2004 as compared to gross profit of $815,000 (7.8% of revenue) for the first quarter of 2003.
Northrop Grumman Q1 Profit Up 20%
According to a May 3 report from The Associated Press, Northrop Grumman Corp. said its first-quarter profit increased 20 percent, led by strong growth in shipbuilding. Business improved for nearly every sector in which the company operates, except for a 1% decline in information systems. (Source: The Associated Press)
BG 1Q Profit Doubles on LNG, Higher Prices
BG Group Plc. said profit more than doubled in the first quarter, exceeding expectations, as prices rose and it increased sales of liquefied natural gas to Europe and Asia. Net income jumped to $1.06b from $477m in the year-earlier period. Profit of $989m was expected, according to the median of 10 analyst estimates collected by Bloomberg. Revenue rose 80 percent to $3.5b. BG Group boosted earnings at its LNG unit five-fold by completing a plant in Egypt ahead of schedule and selling cargoes to Japan and Europe, where colder-than-normal winters stoked price gains. Production grew by 28 percent, while LNG operating profit increased to $254m as the company shipped more cargoes to Asia. Pretax profit leaped to $1.7b from $805m in the year-earlier period.
Thrane & Thrane Release Annual Report
The Board of Directors of Thrane & Thrane has approved the annual report for the year 2002/03. The annual report shows that Thrane & Thrane in the financial year ended April 30, 2003, achieved increased revenue with 28 percent to $96.6M. Their operating profit increased with 93 percent to $13M. Net profit for the year increased with DKK 28 million to DKK 54 million. For the financial year ending April 30, 2004, Thrane & Thrane expects revenue of around DKK 620-640 million and operating profit of around DKK 80-90 million.
DSME Turns Profit in Q1
Daewoo Shipbuilding & Marine Engineering (DSME) swung to the black in the first quarter of the year from a year earlier, largely thanks to cost-cutting measures, reports Yonhap. The Korean shipyard reported an operating profit of 292 billion won ($257.57 million) for the January-March quarter, compared with an operating loss of 38 billion won a year earlier. Net profit reached 261 billion won (US$230 million) in the January-March period, compared to a loss of 3.4 billion won in the same quarter of last year, it said in a regulatory filing.
Mersey Docks Records Profit Increase
Mersey Docks & Harbour Co. reported a marginal rise in pre-tax profit on Thursday and a successful year in terms of growth and progress. Pre-tax profit before exceptionals rose to 52.3 million pounds from 52 million in the previous year, on a 21 percent turnover rise to 229.9 million pounds. The results were well in line with market expectations. The company underlined the fact that profits had increased despite an estimated three million pound impact from the temporary closure of a Dublin container terminal. Industrial action caused by the decision to re-organize and re-equip the terminal led to its temporary closure from September 15 last year and the dispute pulled down the shipping division's results. - (Reuters)
COSCO – Annual Results
Revenue rose by 23% to HK$10,656,121,000. Gross profit increased by 25% to HK$892,035,000. Overall average gross profit margin stood at 8%. Steady core profit growth: profit before income tax from shipping services business increased by 19% to HK$487,770,000. Profit before income tax from coatings, marine equipment and spare parts, and insurance brokerage business segments increased by 58%, 36% and 6% respectively. Due to the Group's disposal of its entire shareholding in SOLHL in December 2010, the Group's results for the year no longer included items in relation to the investment and disposal of shareholding in SOLHL. Profit attributable to equity holders of the Company, therefore, declined by 69% to HK$390,339,000.
COSCO Pacific Reports Profit Increase
COSCO Pacific Ltd. reported its net profit rose 3.7 percent in 1999 from a year earlier to $134.08 million and added that it would step up investment in 2000. The company, an indirect unit of China's largest shipping firm China Ocean Shipping (Group) Co., engages mainly in container leasing and container terminal operation. Managing director Shi Qin said the listed firm planned to spend about $100 million to $110 million to buy containers in 2000 to match the rise in demand caused by global economic growth. The sum almost doubles the $57 million the firm spent in buying containers in 1999, when the size of its container fleet dropped 1.0 percent to 500,899 teu.
Hyundai Heavy Sails Back to Profit in Q1
Hyundai Heavy Industries (HHI) has posted a net profit of KRW462.3bn ($409.6m) for the first quarter of 2017, making it the fifth consecutive quarterly profit for the group. This represents a surge of 90% from the previous corresponding quarter. However, sales fell 1.9 percent to 10.76 trillion won. HHI mainly attributes the whooping quarterly operating profit increase to 127.1 billion won operating profits from HHI’s Shipbuilding Division which is 251% up from the first three months last year.
Gateway Distriparks Reports Higher Profits
Gateway Distriparks Limited (GDL) today announced record profits for the year ended 31 March 2015. During the year, GDL Group (CFS + Rail + Cold Chain) Net Profit increased by 38.2% over the previous year from Rs 135.8 Cr. to Rs 187.8 Cr. Q4 net profit increased (Y-o-Y) by 21.1% to Rs 48.8 Cr. This is indeed a creditable performance in view of strong competition and an insipid economy generally. Group’s EBITDA for Q4 increased from Rs 67.6 Cr. to Rs 92.8 Cr., whilst EBITDA for the whole year increased from Rs 264.8 Crores to Rs 355.4 Crores. In line with the robust operating numbers, PBT increased from Rs 166.2 Crores to Rs 238.4 Crores whilst PAT increased from Rs 135.8 Crores to Rs 187.8 Crores.
Bahri Q2 Net Profit Soars
National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 47.2 percent increase in second-quarter net profit on Tuesday. The company's net profit for the three months to June 30 was 504.18 million riyals ($134.44 million), up from 342.48 million riyals in the same period a year earlier, it said in a bourse statement. Alistithmar Capital forecast Bahri would make a net profit of 308.4 million riyals during the quarter. Bahri, one of five Saudi stocks not open to direct purchase by foreign investors, attributed the profit increase to a rise in operating revenues as a result of its enlarged very large crude carrier (VLCC) fleet, higher shipping rates in the spot market, and stronger performance in its general cargo division.
Singapore Shipping Profits Up
Singapore Shipping Corporation(SSC)'s net profit increased 7.8 per cent to US$9.6 million for the financial year ended March 31, 2016, compared to the previous year. Revenue rose 29.4 per cent to US$44.9 million, compared with the same period a year earlier. Singapore-listed SSC said three vessels are due for drydocking in financial year 2017 and the group expects earnings from the shipowing segment to remain stable. “Barring unforeseen circumstances, the group expects its overal performance in financial year 2017 to be profitable,” the company statement said.
COSCO (Singapore) Presents Q1 2012 Report
COSCO reports profits from its ship repair, conversion, & engineering projects cushioned shipbuilding losses. Group achieved net profit attributable to equity holders of $27.6m on turnover of $975.3m against the backdrop of a difficult business environment in Q2 2012. Turnover from shipyard operations decreased 2.2% to $960.8m due mainly to lower revenue contributions from ship building projects, cushioned by growth in revenue from ship repair and marine engineering segments. Turnover from dry bulk shipping and other businesses increased marginally by 2.8% to $14.6m supported by contribution from other businesses which more than offset the fall in dry bulk shipping revenue due to lower charter-hire rates.
Howard Smith Posts Flat Results
Hardware and towage group Howard Smith Ltd. pointed to a difficult market for its main hardware and industrial supplies businesses on Tuesday, after posting a flat half year result. Although recent data pointed to a housing recovery, actual spending on hardware was expected to lag housing approvals and a break in economic conditions was not expected until at least mid-year. "The outlook for the next four months is tough," managing director Ian Tsicalas told reporters after the group reported a net profit of A$54.10 million for the six months to December 31, 2000, up slightly on A$53.56 million a year ago. Tsicalas said Howard Smith could still meet earlier forecasts and beat its A$102.9 million 1999/00 full year net profit, saying the first half net profit increase was "sustainable".
Singapore Offshore Firm Rides Crest of 2013 Financial Wave
Singapore's Swiber Holdings, a construction and support services provider to the offshore oil and gas industry, reported that it has achieved record revenue and net profit for the second consecutive year-running for the full year ended December 31, 2013. Revenue rose 11.2% to hit US$1.1 billion from US$952.2 million for the full year ended December 31, 2012. The Group’s topline was driven by a 75.3% surge in sales in the South East Asia segment to US$780.8 million from US$445.5 million over the same period.
Conrad Industries Reports 3Q Results
Conrad Industries, Inc. reported a net loss of $1.2 million and loss per diluted share of $0.16 for the three months ended September 30, 2004 compared to a net loss of $827,000 and loss per diluted share of $0.11 for the third quarter of 2003. the third quarter of 2003. compared to $26.5 million for the same period of the prior year. September 30, 2003. 2003. compared to gross profit of $741,000 (2.8% of revenue) for the first nine months of 2003. nine months of 2004 compared to the same periods in 2003. in 2003. production hours associated with the entry into the aluminum business and the execution of our backlog. steel. project totaling approximately $544,000. additional work while we waited for the notice to proceed from the customer. surging prices of steel and other price increases.
ASL Profit Nosedives
Singapore shipbuilding group ASL Marine has posted a sharp drop in net profit for its third quarter as revenues from its shipbuilding, shiprepair and chartering segments fell across the board. Net profit for the three months to March 31 plummeted 65.7 per cent from the previous year to S$1.94 million, while revenue dived 56.2 per cent to S$63.42 million in the period. Revenue decreased 56% year-on-year to S$63.4 million due to industry downturn and construction cycle, gross profit increased 20% year-on-year to S$12.1 million for 3QFY2015 despite the fall in revenue, says a company statement.
Denmark's OW Bunker to announce IPO this week
Danish ship fuel supplier OW Bunker aims to publish plans for a stock market listing this week, three sources familiar with the matter told Reuters on Monday. "The plan is to be listed before Easter," one source said, adding that Morgan Stanley, Carnegie, Nordea and ABG would lead the IPO. Two other sources said an intention to float letter will be published later this week. Private equity group Altor has owned OW Bunker since buying its parent Wrist Group in July 2007. No indication was given on the price Altor paid, although local media said that it could have been anywhere between 1 and 2 billion Danish crowns ($182-364 million). "An exit may well come in the foreseeable future," Altor's head of Danish activities Soren Johansen told Reuters in January.