Steamships records K33mil profit for first half of 2021


STEAMSHIPS Trading Company Limited’s (Steamships) unaudited net profit of K33.1 million for the half-year ended June 2021 is an increase of 106 per cent compared to the last corresponding period, the company says.
Steamships in its half-year report, however, said adjusting for significant items, the underlying profit attributed to shareholders was K24.7 million, an increase of 48 per cent over the same period in 2020.
“The period’s results are impacted by the global Covid-19 (coronavirus) pandemic and the re-introduction of many restrictions in March 2021 which continue to impede operating activity for businesses in PNG,” the report said.
“The underlying economy remained weak.
“The closure of the Porgera gold mine, and uncertainty over progress on their other major new resource projects, continues to be a drag on the economy.
“Steamships’ results have been relatively resilient as its businesses adapt to the tough new environment.”
The company said revenue from ordinary operations increased 11.1 per cent to K290.9 million compared to the same period last year.
Cost saving measures implemented in 2020 across all businesses remain in place despite the partial recovery in demand resulting in a slight improvement in underlying profit.
The company’s logistics business, Consort Express Lines, continued to build capability to deliver enhanced customer service.