Wednesday, February 29, 2012

Steamships profit surges to K158 million

By BRIAN GOMEZ in Sydney

STEAMSHIPS Trading Co Ltd announced yesterday a record after-tax profit of K158.3 million for the 2011 calendar year, up 35.9%, after total revenues rose 16.5% to K920.4 million, The National reports.
 In its preliminary final report to the Australian Stock Exchange, Steamships said capital expenditure by the group totalled K231.3 million last year compared with K190.4 million in 2010.
Directors reported that after-tax profits surged in the second-half of the year to K93.7 million from K64.5 million in the first-half versus K59.5 in the second-half last year and K57 million in the first half of 2010.
Encouraged by the big profit growth, directors announced a final dividend of 140 toea a share in addition to the interim dividend of 50 toea to take the total dividend to 190 toea compared with 100 toea per share in 2010.
Steamships shares yesterday rose A$0.75 or 3.09% to A$25 a share.
The group’s hotel and property division was the top profit earner, recording an after-tax profit of K84.6 million compared with K56.9 million in 2010.
Steamships' new luxury hotel in Port Moresby, the 20-storey Grand Papua Hotel, was opened at the end of 2011.-Picture by MALUM NALU

The group’s shipping and logistics operations, which fell from being the top profit earner in 2010 to second position last year, had an after tax profit of K77.4 million versus K70.8 million in 2010.
However, the logistics division continued to enjoy the greatest revenue at K461.3 million last year compared with K222 million for hotels and property with comparative figures for 2010 standing at K397.8 million and K175.2 million in 2010.
The finance and investment division enjoyed a major turnaround with a net profit of K1.14 million compared with a loss of K3.2 million in 2010.
Directors said the PNG economy continued to grow and the company’s investment strategy, which remains on track this year, “is evolving to benefit from this growth”.
“2012 presents additional challenges with a general election in the second half of the year, but we remain confident and committed to the future development of Papua New Guinea,” they said.
Comments on divisional performance included:
  • Logistics – Shipping performed well with satisfactory growth that mirrored economic growth with increased activity in both PNG’s mining and non-mining sectors;
  • Property and hotels – Revenue was up as the group capitalised on the PNG property boom with high occupancy rates at commercial and residential properties throughout PNG with some concern with oversupply in 2012 and beyond. Coral Seas Hotels had a good year with some concern about the numbers of hotel rooms that have come onto the market in a relatively short period of time; and
  • Commercial Division – Laga Industries had a strong year on the back of sector-wide growth with an increase in sales and profits and the successful launch of a number of new products.
Directors said Steamships remained committed to the principles of sustainable development and would continue to promote community engagement initiatives and work on ways to minimise the company’s environmental footprint

1 comment:

  1. The new luxury hotel in Port Moresby is a nice example of luxurious.I have been to this hotel once and i liked the hotel very much.

    Orlando Hotels