SITC Ups Full Year Profit Expectations

Chinese shipping conglomerate SITC International Holdings Company Limited expects to see a 50 percent jump in its net profit for the twelve months ended December 2017 when compared to the same period a year earlier.

The expectation was raised from the previously announced 40 percent increase from December 2017.

The key factors contributing to the higher profit are the increase in the group’s business volume as compared to the corresponding period of 2016, coupled with the overall improvement of the group’s operating efficiency.

The estimate was made based on the preliminary unaudited information, and the company plans to publish the final version of its 12-month results before the end of March 2017.

For the nine months ended September 30, 2017, SITC reported a total shipping volume of 1.9 million TEUs, representing an increase of approximately 13.7 pct as compared to the same period from 2016.

The total volume of the group’s freight forwarding business increased by 9.4 pct to 1.36 million TEU for the nine-month period when compared to corresponding 2016 figures.

As a result, SITC’s revenue for the period was higher by 12.1 pct when compared to 2016 totaling in USD 994.4 million.

World Maritime News Staff