Singapore Shipping Corporation (SSC) generated higher first-quarter net profit due to greater income contributed from two vessels acquired in 2010 and 2011.
The Singapore-listed ship owning and management firm recorded net profit of $1.24m in the quarter ended 30 June, up from $558,000 seen in the previous year's quarter.
Revenue for the quarter also rose to $4.73m compared to $3.36m in the same period of last year, it announced on Thursday.
“The additional revenue contributed by the two vessels bought towards end-April 2010 and early-March 2011, was partially off-set by loss of revenue due to off-hire of a vessel for drydocking in April 2011,” SSC said.
The Singapore-listed ship owning and management firm recorded net profit of $1.24m in the quarter ended 30 June, up from $558,000 seen in the previous year's quarter.
Revenue for the quarter also rose to $4.73m compared to $3.36m in the same period of last year, it announced on Thursday.
“The additional revenue contributed by the two vessels bought towards end-April 2010 and early-March 2011, was partially off-set by loss of revenue due to off-hire of a vessel for drydocking in April 2011,” SSC said.