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Singapore Shipping Corp posts 59% rise in Q4 net profit

LISTED shipowner and manager Singapore Shipping Corp (SSC) posted a 59.5 per cent increase in fourth-quarter net profit to US$2.57 million on higher revenue and operating profit.

Earnings per share were 0.6 US cent for the quarter ended Mar 31, compared to 0.4 Singapore cent for the year-ago period.

Fourth-quarter revenue was 10.4 per cent higher at US$11.36 million mainly on higher business volume from the agency and logistics segment.

Full-year profit went up by 22 per cent to US$10.44 million from US$8.55 million.

SSC has proposed a final dividend of one Singapore cent per share.

Its net asset value per share was 20.4 US cents as at Mar 31, up from 18.2 US cents last year.

SSC closed at 28 Singapore cents on Thursday, down 0.5 cent.