Pacific Shipping Trust (PST) posted a drop in third-quarter net profit and lowered its distribution per unit (DPU) to shareholders, Seatrade Asia online reports. The Singapore-listed shipping trust registered Q3 net profit of $6.3m compared to $7.2m in the same period last year.
It announced DPU of $0.73 for the quarter ended 30 September 2011, representing an annualised distribution yield of 7.3%. This compares to DPU of $0.832 and an annualised yield of 7.5% in the same period of last year.
PST managed to recorded higher revenue of $16.4m compared to $15.6m.
“The (revenue) increase was mainly due to delivery of two new capesize bulk carriers on 5 and 20 September 2011 respectively,” PST said in a statement. “The increase is partially offset by lower contracted time charter rates from the two CSAV vessels wef third and fourth quarter in 2010.”
Meanwhile, PST is preparing to voluntarily delist from the Singapore Exchange as it has accepted an exit price offer by its parent Pacific International Lines (PIL) at $0.43 per share.
It announced DPU of $0.73 for the quarter ended 30 September 2011, representing an annualised distribution yield of 7.3%. This compares to DPU of $0.832 and an annualised yield of 7.5% in the same period of last year.
PST managed to recorded higher revenue of $16.4m compared to $15.6m.
“The (revenue) increase was mainly due to delivery of two new capesize bulk carriers on 5 and 20 September 2011 respectively,” PST said in a statement. “The increase is partially offset by lower contracted time charter rates from the two CSAV vessels wef third and fourth quarter in 2010.”
Meanwhile, PST is preparing to voluntarily delist from the Singapore Exchange as it has accepted an exit price offer by its parent Pacific International Lines (PIL) at $0.43 per share.