Singapore Shipping Corp's FY2015 net profit up 8.8% to US$9.3m

SINGAPORE Shipping Corporation's net profit rose 8.8 per cent to US$9.31 million, for the financial year ended March 31, 2015.

Revenue rose 2 per cent to US$35.13 million, from US$34.45 million in FY2014.

Earnings per share stood at 2.1 US cents, versus two US cents the year before.

A cash dividend of one Singapore cent was declared - the same as in the previous financial year.

The group said it delivered "a satisfactory set of results" for FY2015, adding: "With the delivery of three vessels and their long-term charters to a reputable shipping major in the second half of FY2015, the group has a secure base of recurring income, and in doing so, provided a growth trajectory for the next decade if not longer. While our business model is profitable, agency and logistics segment will continue to face earnings pressure in the current environment."

It expects a better performance in FY2016.