SINGAPORE (Yosefardi) – Samudera Shipping Line Ltd registered revenue of USD81.3 million in the second quarter ending 30 June 2015, a 16.1% decline from USD96.9 million for the corresponding quarter a year ago (2Q14).
The decline was mainly due to lower revenue from both its container shipping and bulk & tanker business segments.
Revenue from the container shipping fell 16.6% to USD68.4 million in 2Q15 on the back of softening of Indonesia market condition and the exiting of non-profitable routes into vessel chartering.
Revenue from the bulk & tanker business recorded a 15.9% decline to USD11.5 million, from USD13.7 million in 2Q14. This came about as the Group operated fewer vessels in 2Q15, following the disposal of non-performing vessels earlier on, as well as the docking of an oil tanker for scheduled maintenance during the period under review.
Cost of services declined 16.3% to USD74.7 million in 2Q15, from USD89.3 million in 2Q14, largely due to lower container volume handled, fewer vessels operated in the bulk & tanker business and a decline in bunker price. Consequently, the Group recorded a decrease in gross profit to USD 6.6 million, compared to USD7.6 million in 2Q14. Gross profit margin improved to 8.1% in 2Q15.
As a result of lower gross profit and smaller gain on foreign exchange, profit from operations decreased 27.1% to USD3.8 million, from USD5.2 million.
As such, the Group recorded net profit of USD3.1 million for 2Q15, compared to USD4.2 million in 2Q14.