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Samudera Shipping's Q2 profit sinks 26%

SAMUDERA Shipping Line turned in a net profit of US$3.11 million for the second quarter ended June 30, down 26 per cent year on year.

Revenue slid 16.1 per cent to US$81.3 million, mainly due to lower revenue from both its container shipping and bulk & tanker business segments.

Earnings per share worked out to 0.58 US cent, down from 0.78 US cent a year earlier.

As a result of lower gross profit and smaller gain on foreign exchange, profit from operations decreased 27.1 per cent to US$3.76 million.

Operating conditions for both the container as well as bulk & tanker industries are expected to remain challenging in the near to medium term, it said.