The earnings growth came about despite a decrease in revenue, which slipped 1.4% to US$22.9 million in 1HFY2024.
For the period, SSC’s ship owning segment recorded lower revenue and profit, mainly attributable to off-hire as a result of drydocking, as did its agency and logistics segment. This was partially offset by the latter reporting lower operating profits in the absence of high margin special projects.
However, SSC reported an almost five-fold increase in finance and investment income, which quintupled to US$1.4 million in 1HFY2024 from US$281,000 for the same period last year. The larger figure was the result of higher interest income from funds placed in time deposits with banks.
SSC’s cash and cash equivalents stood at US$5.8 million as at Sept 30, decreasing from US$59.3 million at the start of 1HFY2024, due to US$55.8 million that was used in investing activities
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In its outlook, the group says it continues to cautiously evaluate investment opportunities. SSC notes that it has no gearing net of cash.
Shares in Singapore Shipping Corp closed flat at 23 cents on Nov 9.
