SITC made a half-year profit of $120 million

SITC International Holdings reported interim results for the period to the end of June, during which it still reported revenue of $743m, down just 0.42% on an annual basis.

The company's shareholders' profit during the period was US $119 million, up 9.86%, with basic earnings per share of HK $4.46 and interim earnings per share of HK $22.

The company explained that the slight drop in revenue was mainly attributable to lower average freight rates and container volumes for container shipping and extended logistics operations in the six months ended 30 June 2020.

In the first half of 2020, the group's revenue from its container shipping logistics business fell 0.2 percent to about $732 million from about $733 million in the same period in 2019.

SITC is now preparing to order more vessels at Yangzijiang Shipbuilding. This Hong Kong-listed shipping company is seeking to order 12 (6+6) new 1,800 teu ships.

Source: Sarah Yu, XINDE MARINE NEWS

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