Intra-Asia shipping logistics firm SITC International rode on the region's growth to post higher revenue for the nine months ended 30 September 2011, but profit dropped on higher operational costs, Seatrade Asia online reports. Net profit for the nine-month period came up to $77.2m, a 12.9% decrease from $88.6m in the same period of 2010, Hong Kong-listed SITC said.
Revenue for the China-based firm rose 21.3% to $785.4m during the period compared to $647.4m a year ago.
“Leveraging on the remarkable growth in the intra-Asia container shipping and logistics market... the shipping volume of our sea freight logistics business was 1,116,803 teu for the nine months ended 30 September 2011, representing an increase of 12.2% as compared to 995,246 teu in the corresponding period in 2010,” SITC said.
The company added that the higher operational costs were attributed to an increase in its shipping volume and higher bunker fuel bills.
Revenue for the China-based firm rose 21.3% to $785.4m during the period compared to $647.4m a year ago.
“Leveraging on the remarkable growth in the intra-Asia container shipping and logistics market... the shipping volume of our sea freight logistics business was 1,116,803 teu for the nine months ended 30 September 2011, representing an increase of 12.2% as compared to 995,246 teu in the corresponding period in 2010,” SITC said.
The company added that the higher operational costs were attributed to an increase in its shipping volume and higher bunker fuel bills.