Steamships Makes Profit of K33 Million in H1 2021

by PNG Business News - September 06, 2021

Photo Credit: Gartshore

The unaudited net profit of Steamships Trading for the half-year ending June 2021 was K33.1 million, up 106% over the previous equivalent period, according to the company.

Steamships, on the other hand, claimed in its half-year report that after adjustment for major factors, the underlying profit credited to shareholders was K24.7 million, up 48% from 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.”

When compared to the same period last year, revenue from regular operations climbed 11.1 per cent to K290.9 million.

Despite a modest recovery in demand and a slight increase in underlying profit, cost-cutting measures implemented across all businesses in 2020 are still in place.

Consort Express Lines, the company's logistics division, continued to expand its capabilities in order to provide better client service.

 

Reference: The National (1 September 2021). “Steamships records K33mil profit for first half of 2021”.



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