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- Net profit for the quarter: US$9 million
- Basic earnings per share: US$0.081
HIGHLIGHTS FOR THE FIRST HALF OF 2024
- Revenue for the period: US$69 million
¬ EBITDA for the period: US$34 million
- Net profit for the period: US$11 million
- Basic earnings per share: US$0.103
- Gearing ratio as at 30 June 2024: 7%
The Board of Jinhui Shipping and Transportation Limited (the ‘Company’) is
pleased to announce the unaudited condensed consolidated results of the Company
and its subsidiaries (the ‘Group’) for the quarter and six months ended 30 June 2024.
The dry bulk market showed counter-seasonal strength at the beginning of year supported by the increase in demand of dry bulk commodities, limited shipyard capacity and longer sailing distances from emissions reduction policies on environmental regulations. The market freight rates regained strength and rebound despite the simultaneous occurrence of multiple geo-political issues that affected the business sentiment.
The Group reported a revenue for the second quarter of 2024 of US$41,245,000, representing an increase of 81% as compared to US$22,797,000 for the corresponding quarter in 2023. The Company recorded a consolidated net profit of US$8,816,000 for current quarter as compared to a consolidated net loss of US$6,509,000 for the corresponding quarter in 2023. Basic earnings per share for the second quarter was US$0.081 as compared to basic loss per share of US$0.060 for the same quarter in 2023. The average daily time charter equivalent rates earned by the Group’s fleet increased 52% to US$15,407 for the second quarter of 2024 as compared to US$10,132 for the corresponding quarter in 2023.
Revenue for the first half of 2024 increased 86% to US$69,139,000, comparing to US$37,227,000 for the same period in 2023. The Company recorded a consolidated net profit of US$11,221,000 for the first half of 2024 whereas a consolidated net loss of US$19,261,000 was reported in the first half of 2023. Basic earnings per share for the period was US$0.103 as compared to basic loss per share of US$0.176 for the first half of 2023. The average daily time charter equivalent rate for the fleet improving 66% to US$13,939 for the first half of 2024 as compared to US$8,379 for the same period in 2023.
The consolidated net profit for the period was mainly attributable to the rebound of dry bulk shipping market, market freight rates began to regain strength driven by the robust demand for dry bulk commodities, especially strong minor bulks trade and limited supply of vessels as compared to lackluster freight rates upon the weak dry bulk shipping market sentiment in the first half of 2023.
As at 30 June 2024, the Group operates twenty-three owned vessels and ten chartered-in vessels, with total carrying capacity of approximately 2,020,000 metric tons.
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