Steamships Sees Increase In Sales Revenue
Despite the country’s weak economy outlook in 2019, the Steamships Trading Company Limited has recorded a sales revenue increase of K581.1 million (4.3 per cent) against 2018’s K560.8 million.
This was according to Steamship’s preliminary report to the Port Moresby Stocks Exchange.
The company stated that 2019 was a challenging year for the private sector as a whole and Steamships diverse business activities being closely integrated to the domestic economy were not immune to the negative impacts of the slowdown.
It says that the sales revenue increase is on a continuing basis with improved revenue for Consort offsetting declines for Pacific Palms Property and Coral Sea Hotels.
The company’s depreciation in 2019 was K82.3 million against K83 million in 2018, and interest on borrowings (excluding capitalised interest) was K9.8 million against K10.3 million in 2018.
Capital expenditure for the year was K93 million (with capitalised interest of K1.0 million) against K56.1 million (with capitalised interest of K1.7 million) in 2018. The group’s net operating cash flow generation declined 9.7 per cent to K105.4 million against K116.7 million in 2018. The cash balance at year end is K100.8m.
A final dividend of 55 toea per share has been proposed and will be paid following approval at the company’s annual general meeting on the 17th of June 2020, subject to Steamships’ ability to secure foreign exchange for non PNG shareholders.
This brings the total dividend for the year to 80 toea per share (2018 = 165 toea per share).
The dividend is unfranked and there is no conduit foreign income.
This year is 2020 is expected to be challenging but the company remains hopeful that resource projects will progress to binding agreements and subsequent significant investments for PNG. Continue reading at https://postcourier.com.pg/steamships-sees-increase-in-sales-revenue/ | Post Courier