Steamships: K296m profit

Business, Normal

The National, Tuesday 02nd April, 2013

STEAMSHIPS Trading Company Ltd posted an operating profit of K296.5 million last year, up from K265.1 million in 2011, according to its 2012 annual report presented to the Port Moresby Stock Exchange last Thursday.
The group had total revenue of K986. 31 million last year, up from K920.357 million in 2011.
Profit before tax worked out to K279.76 million, up from K247.82 million in 2011.
Profit from continuing operations was K198.34 million (K180 million in 2011), and the group operating profit for the year attributable to shareholders was K177.7 million (K158.26 million in 2011).
“The directors advised that a final dividend of 170 toea per share will be paid immediately after the annual general meeting on May 14, 2013,” the report said.
“The exchange rate kina to Australian dollar applying on May 1, 2013, will be used to calculate the dividends to shareholders resident outside Papua New Guinea.”
Subsidiaries of Steamships are Consort Express Lines, Datec, Kavieng Port Services, Kiunga Stevedoring Company, Lae Port Services, Laga Industries, Madang Port Services, Middle Fly Shipping, New Britain Shipping, Oro Agencies, Pacific Rumana, Pacific Rumana Mobile Investments, PNG Link, Port Services PNG, Steamships Ltd, and Windward Apartments.

Major events for the company so far this year include :
•    Steamships Shipping Agencies was transferred to China Navigation Company using the global brand name Swire Shipping Agencies on January 1;
•    Directors on Feb 26, 2013, declared a final dividend of 170t per share to be paid immediately after the May 14 annual general meeting. The gross dividend of K52.7 million has been recognised as a separate component of equity; and
•    On March 1, New Britain Shipping acquired the trade and net assets of Kimbe Shipping and Transport for K18 million.