Thai carrier reports dip in profit, revenue
Thai shipping company Regional Container Lines reported first quarter net profit of 524.6 million Thai bhat ($16.4 million), an 18 percent reduction from the same 2007 period.
Revenue was 4.7 billion bhat ($146.9 million) during the first quarter, down 4 percent from the same period the prior year, even though liftings were up 7 percent to 689,641 TEU.
The company said revenue was down partly because its revenue is U.S. dollar denominated while its reporting currency is in Thai baht. The baht strengthened close to 10 percent against the dollar year-on-year.
The company also said results were hurt by the fact that lesser-paying shipments in shipper-owned containers grew faster than higher-paying shipments in carrier-owned container liftings.
The company said, 'On the global front, transportation of containers continued to grow with a healthy pace in first quarter of 2008 despite the concern in U.S. economy and a prolonged winter season in China. The robust demand in Europe, Mediterranean and Middle East had benefited the group, particularly, in the shipper owned container liftings sector.'
Regional Container Lines' Web site said it owns and operates 41 container vessels from 500 TEUs to 2,600 TEUs covering more than 70 destinations in Asia, Australasia and the Middle East.
The information service AXS Alphaliner estimates it to be the 24th-largest container carrier in the world with a fleet of 44 owned and chartered ships with total capacity of 58,111 TEUs.
Thai carrier reports dip in profit, revenue