Dry bulk player Pacific Basin reported a $196m first half loss mainly due to its previously announced $190m impairment charge on its ro-ro investment and also the weaker dry bulk spot market, Seatrade Asia online reports.
Revenue however rose to $703m from $610m in the previous corresponding period. Without the charge, underlying profit came up to $3m.
The core Dry Bulk division generated a net profit of $7.5m, a 2% annualised return on net assets and a positive operating cash flow of $38.1m. There were also strong contributions from PB Towage which generated a net profit of $14.1m, representing a 12% annualised return on net assets.
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