Steamships posts K96m profit for 2009

Business, Main Stories

STEAMSHIPS Trading Co Ltd (STCL) posted a profit (after tax and minority interests) of K96.6 million for the period ending December 2009.
The directors in their report to the stock exchange revealed the profit, up 7% from K90.2 million in 2008, on the back of healthy performance by businesses within the Steamships group especially  the hotels and property division.
This figure includes Steamships’ equity-accounted share of associates’ results.
Revenues were K496.0 million, up 7.1% compared to 2008 result of K463.0 million.
Depreciation in 2009 was K47.9 million compared to K39.3 million in the previous year, and interest on borrowings was K12.2 million against K4.7 million in 2008.
Capital expenditure for the year was K195.4 million against K133.7 million in 2008.
“The result reflects the continuing improvement in trading performance from businesses within the Group.
Notably, the hotels and property divisions recorded healthy results against budget expectations.
“This is largely driven by increased demand for short-term stays and conferencing. “Room and facility expansion at the Gateway and Ela Beach Hotels together with the construction of the new 166-room Grand Papua Hotel, in Port Moresby, ensures the divisions’ position as a leading hospitality service provider.”
The board said demand for high quality commercial, industrial and residential accommodation drove favourable results for the property division and reinforced investment decisions to commence property development programmes.