3rd Feb 2014 12:26
LONDON (Alliance News) - Goldenport Holdings Inc Monday said its full-year losses narrowed substantially on the absence of impairments, even as revenue decreased by 20% decrease.
In a statement, the shipping company said it made a USD12.2 million net loss for the year ended December 31, 2013, compared with USD65.3 million the year before. The previous year's figure was hurt by a substantial impairment, while no impairments were recorded for the most recent year.
The adjusted net loss, which omits 2012's USD47.6 million impairment for the write-downs on vessels, results in a smaller narrowing in losses, to USD11.9 million from the USD16.8 million reported last year. Earnings before interest, tax, depreciation and amortisation fell to USD21.0 million from USD24.3 million.
Meanwhile, revenues fell by 20% to USD63.0 million in 2013 as a result of a fall in the average number of vessels to 19 from 24.
"Looking forward into 2014 we believe that the dry bulk sector is going to recover before the container ship sector and offers a more attractive risk-return profile, so we are planning to further increase our exposure to small- and medium-sized dry bulk carriers and reduce our exposure to older container ships, while maintaining a competitive operating cost base," John Dragnis, chief executive, said in a statement.
"It is worth highlighting that in the fourth quarter of the year, our dry bulk vessels benefited from a recovery in this sector and traded profitably at the bottom line," Dragnis added.
Goldenport shares were Monday quoted at 43.00 pence, up 2.00 pence, or 4.9%.
By Samuel Agini; [email protected]; @samuelagini
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