Oct 17 2011 |
more articles from
|
NSCSA net profit sinks 75.8% in Q3
JEDDAH - The National Shipping Company of Saudi Arabia ( NSCSA ) net profit in the third quarter of this year sank 75.8 percent to SR23.4 million compared to SR97 million for the corresponding quarter in 2010, the company said Sunday. It also dived 74.4 percent against SR91.4 million logged in the second quarter.The CEO of NSCSA Saleh Al-Jasser said the drop in net earnings was attributed to a decrease in average Time Charter Equivalent (TCE) rates in very large crude carrier (VLCC) spot market due to excess capacity of tonnage resulting from the entrance of new VLCCs in the market.
Moreover, the expiry of three Time Charter contract vessels and their entry back to the spot market during the second and third quarter of the year 2011; and the rising cost of vessel bunker affected the income, he added.
Gross profit for the third quarter totaled SR16.4 million compared to SR101.6 million for the corresponding quarter for the year 2010, a decrease of 83.9 percent.
Operating loss totaled SR8.8 million compared to operating profit of SR78.2 million in the period covered.
Net profit for the 9 of 2011 totaled SR174.5 million compared to SR359.5 million for the corresponding period for the year 2010, a decrease of 51.5 percent.
Earning per share for 9 months totaled SR0.55 compared to SR1.14 for the same period last year.
Gross profit for the 9 months totaled SR135.9 million compared to SR387.9 million for the corresponding period for the year 2010, a decrease of 65 percent.
Operating profit for the 9-months totaled SR55.9 million compared to SR316.6 million for the corresponding period last year, a decrease of 82.3 percent.
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment