Singapore Shipping Corporation (SSC) has recorded a 10.8% year-on-year drop in profit for its financial year ended 31 March 2017.
The annual net profit was registered at $8.55m, down 10.8% compared to the gain of $9.59m for the previous financial year.
Full year revenue for Singapore-listed SSC came up to $43.46m, a decline of 3.3% compared to $44.92m in the previous financial year.
SSC said the group has performed well for financial year 2017 with stable recurring income steadily building up its cash hoard from long term charters.
“Owing to the current depressed shipping industry in general, agency and logistics business continues to face rates and cargo volume challenges,” the company commented.
“Barring unforeseen circumstances, the group expects its overall performance in financial year 2018 to be profitable,” it added.
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