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SITC International profit up 27pc to US$70.9 million, but sales fall 1pc
HONG KONG listed intra-Asia container carrier SITC International Holdings has posted a 27.2 per cent increase in first half net profit to US$70.94 million, drawn on revenues of $651.19 million, which fell one per cent year on year.
SITC (Shandong International Transportation Corporation) also saw a 6.6 per cent increase in shipping volume to 1.06 million TEU in the first six months year on year.
SITC said it will continue to expand its intra-Asia service network, and enlarge its fleet by "capturing vessel price dynamics, to keep pace with the development of the business and secure a long term competitive cost position".
As at June 30, SITC operated a fleet of 70 vessels with a total carrying capacity of 86,076 TEU comprising of 35 owned and 35 chartered ships.
The company also said it had benefitted from a Chinese government subsidy of $3.1 million and made hedging gain of $2.2 million during the six-month period, further boosting profit.
SITC (Shandong International Transportation Corporation) also saw a 6.6 per cent increase in shipping volume to 1.06 million TEU in the first six months year on year.
SITC said it will continue to expand its intra-Asia service network, and enlarge its fleet by "capturing vessel price dynamics, to keep pace with the development of the business and secure a long term competitive cost position".
As at June 30, SITC operated a fleet of 70 vessels with a total carrying capacity of 86,076 TEU comprising of 35 owned and 35 chartered ships.
The company also said it had benefitted from a Chinese government subsidy of $3.1 million and made hedging gain of $2.2 million during the six-month period, further boosting profit.
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