RCL’s 4th-quarter profits down 46%, record year anyway
Thailand’s Regional Container Lines Group said reduced fourth quarter liftings, combined with higher fuel and interest costs, saw its group net income drop 46 percent to $15.6 million from $34.1 million in the fourth quarter 2004.
RCL transported 528,275 TEUs in the fourth quarter, down 8 percent from the year-earlier period, based on a revised voyage accounting cut-off. The company said its interest expenses in the last quarter went up 37 percent while escalating bunker expenses pushed its costs up 11 percent.
Fourth quarter revenue dropped 8 percent to $120.4 million from $130.6 million.
For the full year, RCL’s posted record net income of $117.9 million, up 35 percent from the previous best $87.3 million set in 2004. Revenue rose 20 percent to a best-ever $531.8 million from $444.9 million in 2004.
RCL said it lifted a record 2.2 million TEUs, representing a 5 percent increase over the amount carried in 2004.