The result comes as revenue in 2009 decreased by 25.5 per cent year on year to $330.19 million, down from $443.25 million the year earlier.
Revenue from container shipping suffered a year-on-year decrease of 30.2 per cent to $273.6 million as a result of a decline in container volume handled and lower freight rates last year.
Container volume handled fell 16.5 per cent to 1.26 million TEU in 2009, down from 1.51 million TEU in 2008, as a result of the sharp contraction in global trade activity, and following the group's reduction in capacity between the end of 2008 and early 2009.
The decrease was mitigated by an improvement in revenue in industrial shipping, its other core area of business, by a year-on-year increase of 27.8 per cent to $56.8 million in 2009, a company statement said.
The group is engaged in industrial shipping through its wholly owned subsidiary Foremost Maritime Pte, which serves the bulk, liquid, gas and dry cargo sectors.
The group's financial income in 2009 decreased by 58.9 per cent to $0.5 million. This was due to lower year-on-year interest rates as well as less interest being earned on lower cash and bank balances, as compared to 2008.
In line with the decline in business activity, cost of services fell 18.3 per cent to $319 million in 2009, from $390.3 million a year earlier, due mainly to the lesser number of vessels deployed and lower charter hire rates.
Nevertheless, the reduction in cost of services, marketing and administrative expenses was outpaced by the decline in revenue. As such, the group registered a loss from operations of $4.5 million for 2009 compared to a profit from operations of $32.6 million in 2008.
Source : HKSG, 05.03.10.
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