The Group recorded a 7.4% increase in revenue to USD71.2 million for the second quarter ended 30 June 2017 (“2Q17”), from USD66.3 million in the corresponding quarter a year ago (“2Q16”). The improvement came mainly on the back of higher revenue contribution from its container shipping business segment.
Driven mainly by the increase in container volume handled from 298,100 TEUs in 2Q16 to 306,700 TEUs in 2Q17, container shipping revenue rose 9.9% to USD62.5 million, versus USD56.9 million in 2Q16.
Revenue from the bulk & tanker business declined 10.6% to USD7.3 million in 2Q17, from USD 8.1 million in 2Q16, on the back of a smaller tanker fleet year-on-year. The decline was partially mitigated by an improvement in vessel employment days and charter rates of the Group’s bulk carriers.
In line with the rise in bunker prices and the level of business activity, cost of services rose 7.6% to USD66.0 million in 2Q17, compared to USD61.3 million in 2Q16.
In light of the above, gross profit grew 5.0% to USD5.3 million in 2Q17, from USD5.0 million in 2Q16. Gross profit margin remained at 7.4%. Profit from operations grew by 15.7% to USD2.5 million, from USD2.2 million, on the back of declines in general & administrative expenses which was partially offset by a smaller foreign exchange gain and lower other operating income recorded in 2Q17.
Share of results from associate company/joint venture declined to USD0.2 million in 2Q17, from USD0.4 million a year ago, mainly due to share of loss from a joint venture company.
Overall, profit after tax for the Group improved 7.9% to USD2.0 million in 2Q17, from USD1.8 million in 2Q16.
Source: Hellenic Shipping News.