Oslo-listed company Jinhui Shipping and Transportation Ltd posted today bigger-than-expected operating profit and revenue of USD 44.7 million (EUR 29.7m) and USD 92.4 million respectively, for the third quarter of 2009.
In the corresponding period last year, Jinhui Shipping posted an operating profit of USD 117.8 million and revenue of USD 119.8 million, respectively.
According to estimates by SME Direkt for Norwegian news wire TDN Finans, the shipping company was anticipated to post an operating profit of USD 38 million for July - September 2009, and revenue of USD 87 million.
The net profit declined to USD 43.1 million from USD 114.4 million, also topping the estimates for USD 34 million.
The board of directors has decided not to pay a dividend for the third quarter of 2009.
The company expects a volatile and challenging market in 2010, based on uncertainty over the exit strategy of the current monetary easing policy of various governments, as well as their plan to reduce their fiscal deficits, uncertainty in new vessel supply and an anticipated increase in the number of large dry-bulk carriers.
In the corresponding period last year, Jinhui Shipping posted an operating profit of USD 117.8 million and revenue of USD 119.8 million, respectively.
According to estimates by SME Direkt for Norwegian news wire TDN Finans, the shipping company was anticipated to post an operating profit of USD 38 million for July - September 2009, and revenue of USD 87 million.
The net profit declined to USD 43.1 million from USD 114.4 million, also topping the estimates for USD 34 million.
The board of directors has decided not to pay a dividend for the third quarter of 2009.
The company expects a volatile and challenging market in 2010, based on uncertainty over the exit strategy of the current monetary easing policy of various governments, as well as their plan to reduce their fiscal deficits, uncertainty in new vessel supply and an anticipated increase in the number of large dry-bulk carriers.