Precious Shipping Public Company Limited Reports Audited Consolidated Earnings Results for the Fourth Quarter and Year and Parent Earnings Results for the Year Ended December 31, 2014
January 30, 2015 at 05:40 pm
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Precious Shipping Public Company Limited reported audited consolidated earnings results for the fourth quarter and year and parent earnings results for the year ended December 31, 2014. For the year, the group reported net loss of THB 80,218,000 or THB 0.08 per share compared to net profit of THB 527,765,000 or THB 0.51 per share reported a year ago. The absolute net vessel operating income (vessel operating income net of voyage disbursements and bunker consumption) for the year 2014 has increased by about 22% over the net vessel operating income for the year 2013 mainly due to the increase in number of ships operated during the year. The income has been earned from an average of 42 vessels during the year 2014 as against an average of 39 vessels in the year 2013. The fleet size as on 31 December 2014 was 44 vessels. The increase is also on account of that fact that the average earnings per day per vessel have increased from USD 7,508 for the year 2013 to USD 8,096 for the year 2014. EBITDA was USD 41.61 million compared to USD 28.48 million reported a year ago. Net loss before income tax was USD 2.47 million compared to net profit before tax of USD 17.74 million reported a year ago. Net loss was USD 2.54 million compared to net profit of USD 17.49 million reported a year ago.
For the quarter, EBITDA was USD 11.05 million compared to USD 10.33 million reported a year ago. Net loss before income tax was USD 0.46 million compared to net profit before tax of USD 2.33 million reported a year ago. Net loss was USD 0.63 million compared to net profit of USD 2.17 million reported a year ago. Loss per share was THB 0.02 compared to earnings per share of THB 0.07 reported a year ago.
For the year, the parent company reported net profit of THB 497,413,000 or THB 0.48 per share compared to net profit of THB 1,155,693,000 or THB 1.11 per share reported a year ago.
Precious Shipping Public Company Limited is a Thailand-based ship-owner providing global dry-bulk transportation services. The Company is principally engaged as a holding company for investment in the marine transportation business. The Companyâs segments include Time charter and Voyage charter. Under Time charter segment, the charterer pays charter hire to operate the vessel for an agreed time period. The charterer bears all voyage expenses including port disbursements and costs of bunker fuel. Under Voyage charter segment, the charterer pays freight on a per ton basis to transport a particular cargo between two or more designated ports. In this case, the Company bears all the voyage expenses. The main cargoes handled by the Company are cement, agricultural products, steel, fertilizers, ores and concentrates, coal, and logs. The Company operates predominantly in the tramp freight market where its vessels are employed on a time charter as well as on a voyage charter basis.
Precious Shipping Public Company Limited Reports Audited Consolidated Earnings Results for the Fourth Quarter and Year and Parent Earnings Results for the Year Ended December 31, 2014