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RCL profit declines 81pc to US$1.55 million as revenues fall 14pc
THAILAND's Regional Container Lines (RCL) posted an 81 per cent second quarter profit decline to US$1.55 million drawn on revenues o $84.4 million, which fell 14 per cent year on year.
The decline in profits and revenue was blamed on overcapacity in the market, steadily falling spot rates and lower container volume, according to Bloomberg.
Shipper-owned container vessel liftings were down 10 per cent year on year to 205,967 TEU while carrier-owned container liftings fell five per cent to 237,717 TEU in the same period.
Another factor depressing the balance sheet was a $338,000 loss from foreign exchange compared with a profit of $479,000 in the same period last year.
The sale of old containers, netted the company $197,000 and helped mitigate the loss.
The decline in profits and revenue was blamed on overcapacity in the market, steadily falling spot rates and lower container volume, according to Bloomberg.
Shipper-owned container vessel liftings were down 10 per cent year on year to 205,967 TEU while carrier-owned container liftings fell five per cent to 237,717 TEU in the same period.
Another factor depressing the balance sheet was a $338,000 loss from foreign exchange compared with a profit of $479,000 in the same period last year.
The sale of old containers, netted the company $197,000 and helped mitigate the loss.
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