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Singapore Shipping Corporation Q3 profit up 38.7%

SINGAPORE Shipping Corporation (SSC) posted a third quarter profit after tax of US$4.17 million, up 38.7 per cent from US$3.00 million last year.

Revenue for the quarter surged 39.3 per cent to US$12.9 million.

Third quarter revenue and operating profit was lifted along with the delivery of three vessels to the ship-owning division, which off-set lower contributions from agency and logistics segment, SSC said in a Singapore Exchange results announcement.

During the quarter, SSC also posted a one-time gain of about US$84,000 from the sale of Nanyang Maritime (S'pore) Pte Ltd.

Nine-month profit was US$11.44 million, up 73.4 per cent as revenue rose 49.8 per cent to US$37.09 million.

Nine-month earnings per share was 2.6 US cents compared to 1.5 US cents a year ago.