SINGAPORE's Samudera Shipping Line posted a 35.4 per cent decline in net profit to US$3.1 million for the second quarter, drawn on quarterly revenues of $81.3 million, a decline of 16.1 per cent year on year.
"The decline was mainly due to lower revenue from both its container shipping and bulk and tanker business segments," said a company statement.
Revenue from the container shipping fell 16.6 per cent to $68.4 million in the second quarter on the back of a softening of the Indonesian market and the exiting of non profitable routes in vessel chartering.
Revenue from the bulk and tanker business recorded a 15.9 per cent decline to $11.5 million from $13.7 billion in the second quarter of 2014.
This came about as the group operated fewer vessels in the second quarter of 2015 following the disposal of non performing ships as well as taking an oil tanker in for scheduled maintenance.
The group recorded at the decrease in gross profit to $6.6 million compared to $7.6 million in the second quarter of 2014.
Source : SN-TR.