Published:
Samudera suffers a $4.5m net loss in 3Q
The closure of Hanjin Shipping is a major drag.
Samudera Shipping Line’s 3Q16 reported a core net loss of US$3.2m (S$4.5m), resulting from a 2.1% YoY decline in volume handled due to the loss of volume from Hanjin Shipping (Hanjin) after it ceased operations.
In additton, Samudera made a US$2.4m provision for bad debt related to Hanjin.
Looking past the losses, KGI estimated that Samudera generated US$10.2m of free cash flow in 3Q16. As a result, balance sheet has strengthened faster-than-expected.
Net gearing as at end 3Q16 stood at 11.6% compared to its esƟmates of 15.6% by end FY16.
"Going by its current free cash flow generation rate, we can expect Samudera to be in a net cash positon by 1H18," it said.
Read Here
Advertise
Sign Up
