Samudera issues profit guidance, reports contraction in Q1 earnings

SAMUDERA Shipping Line on Friday (Apr 28) signalled in a bourse filing that first-quarter revenue and net profit for the three months ended Mar 31, 2023 “recorded a contraction”, as compared to the year-ago period.

“This was due to softening of freight rates and a decline in container volume handled during the quarter compared to the same period last year,” said the carrier, whose parent is Jakarta-listed Samudera Indonesia, in a profit guidance statement.

It added: “Nevertheless, the group’s performance in Q1 2023 is better than Q1 2021.”

For the half year ended Jun 30, 2022 - which included its first-quarter results for FY2022 - Samudera reported a 127.8 per cent rise in revenue to US$476.2 million, along with a 367.6 per cent increase in net profit to US$171.7 million.

Specific figures for the first quarter across FY2021, FY2022 and FY2023 are not publicly available, following the scrapping of compulsory quarterly reporting on the local bourse in 2020.

Shares of Samudera closed unchanged at S$1.33 on Friday, prior to the statement.