Samudera Shipping Line has reported earnings of US$21.0 million ($28.2 million) for the 1HFY2024 ended June 30, 68.3% lower y-o-y.

 

Revenue fell by 27.1% y-o-y to US$223.0 million due to lower revenues from the group&rsquo s container segment and partly offset by higher contributions from the bulk and tanker as well as the logistics segments. Container revenue fell by 30.4% y-o-y to US$202.5 million due to lower container volume and a decline in freight rates.

 

Container volume for the 1HFY2024 fell by 2.4% y-o-y to 879,000 TEU (or twenty-foot equivalent unit) while average revenue per TEU fell by 28.8% y-o-y to US$230 due to contracted freight rates compared to the 1HFY2023.

 

Bulk and tanker revenue rose by 63.6% y-o-y to US$12.7 million mainly due to the addition and deployment of a liquefied petroleum gas tanker and two ethylene gas carriers to the group&rsquo s fleet.

 

Logistics revenue rose by 8.2% y-o-y to US$7.8 million due to higher third-party and fourth-party logistics business activity from existing and new clients in Indonesia.

 

Logistics storage capacity increased by 13.1% y-o-y to 148,500 pallet positions. Volume handled rose by 71.5% y-o-y to 971,100 pallet equivalents in the 1HFY2024. The higher volume was mainly due to new customers.

 

Gross profit fell by 55.5% y-o-y to US$28.4 million

 

Other operating income fell by 77.4% y-o-y to US$1.7 million due to lower foreign exchange (forex) gain of US$0.4 million and due to the absence of a US$3.3 million gain on consolidation recorded in 1HFY2023. The gain came after the group acquired a 50% stake in the third-party logistics subsidiary in Indonesia.

 

Profit from operations fell by 67.0% y-o-y to US$20.4 million.

The group has declared an interim dividend of 1 cent per share, which is lower than the 2 cents per share declared in the corresponding period the year before.

 

The dividend will be paid on Aug 21.

 

As at June 30, cash and cash equivalents stood at US$311.2 million.