Hong Kong: Hong Kong-listed Sinotrans Shipping yesterday announced its interim results.
Net profit of the company plunged 92% to $1.61m, while revenue fell 12.8% to $93.5m.Revenue mainly came from $57.8m charter hire income, down 29.4% year-on-year and ocean freight income of US$27.7 million, up 90%.
“With charter hire and freight rate sliding further, the operating environment of the shipping market has been worsening. In the face of such severe market situations, our group managed to mitigate the adverse impact brought by the flagging market by leveraging on our low-cost advantage, improving our business model and optimising our fleet structure,” the company said.[09/08/13]
