Jinhui Shipping and Transportation : Conference call - 17 Aug 2021
08/17/2021 | 03:13am EDT
AND TRANSPORTATION LIMITED
Q2 2021 Results Presentation
17 August 2021
This presentation may contain forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including the Company's management's examination of historical operating trends. Although the Company believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties which are difficult or impossible to predict and are beyond its control, the Company cannot give assurance that it will achieve or accomplish these expectations, beliefs or targets.
Key risk factors that could cause actual results to differ materially from those discussed in this presentation will include but not limited to the way world economies, currencies and interest rate environment may evolve going forward, general market conditions including fluctuations in charter rates and vessel values, financial market conditions including fluctuations in marketable securities value, counterparty risk, changes in demand in the dry bulk market, changes in operating expenses including bunker prices, crewing costs, drydocking and insurance costs, availability of financing and refinancing, inability to obtain restructuring or rescheduling of indebtedness from lenders in liquidity trough, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents, piracy or political events, and other important factors described from time to time in the reports filed by the Company.
Q2 2021 Financial Highlights
Revenue for the quarter: US$32 million
Net profit for the quarter: US$86 million, included reversal of impairment loss on owned vessels of US$65.5 million
EBITDA: US$90 million
Basic earnings per share: US$0.783
Interim dividend per share: US$0.03
Consolidated net profit of US$86 million for current quarter mainly due to:
chartering revenue increase 275% due to remarkable rebound of market freight rates as compared to last corresponding quarter;
average daily time charter equivalent rates increase 266% to US$19,149 for current quarter as compared to US$5,229 of corresponding quarter in 2020;
reversal of impairment loss on owned vessels of US$65.5 million;
fair value gain on investment properties of US$0.8 million was recognized during the quarter;
decrease in shipping related expenses, mainly due to drop in bunker related expenses of US$2 million in last corresponding quarter to US$0.3 million in current quarter;
net gain of US$1.6 million on financial assets at fair value through profit or loss;
During the quarter, the Group repaid US$17.7 million bank loans;
Acquired a 2006-built Supramax at consideration of US$9.3 million and was delivered in Q2 2021;
Acquired a 2004-built Supramax at consideration of US$10.8 million in May 2021 and will be delivered in August 2021;
After reporting date, contract to acquire a 2007-built Supramax at consideration of US$15.2 million which will be delivered in October 2021.
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