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Third Quarter Financial Statement For The Period Ended 30 Sept 2018

Statement of Comprehensive Income for the period ended 30 Sept 2018

Review of Performance
Income statement

Group revenue rose 23.7% to USD116.3 million for the third financial quarter ended 30 September 2018 ("3Q18"), from USD94.1 million in the previous corresponding period ("3Q17"), driven by higher contribution from the container shipping business segment.

Container volume handled increased 45% year-on-year to 405,000 TEUs in 3Q18, from 279,000 TEUs in 3Q17. In line with this, container shipping revenue rose 26.9% to USD109.0 million, compared to USD85.8 million in 3Q17.

Revenue from the bulk & tanker business decreased 22.5% to USD5.2 million in 3Q18, from USD6.7 million in 3Q17, taking into account a smaller tanker fleet operated year-on-year

The Group's cost of services increased 24.7% to USD110.9 million in 3Q18, from USD88.9 million in 3Q17, partially in line with the rise in container shipping activity, more vessels chartered in, and mainly on account of the higher bunker price.

Notwithstanding the increase in cost of services outpacing revenue growth, the Group recorded a higher gross profit of USD5.5 million in 3Q18, compared to USD5.2 million in 3Q17.

The Group also recorded positive share of results from associate and JV companies of USD196,000 in 3Q18, compared to a share of loss of USD61,000 in 3Q17.

Taking into account the above factors, Group net profit for the quarter improved 55.7% to USD2.1 million in 3Q18, compared to USD1.4 million in 3Q17.

Balance Sheet

Cash and bank balances decreased to USD30.0 million as at 30 Sept 2018, compared to USD49.6 million as at 31 Dec 2017. This was mainly due to capital investment made by the Group during the year, working capital to finance its business expansion in the Middle East and domestic shipping in India, as well as a prepayment of term loan. Additional working capital was required for day-to-day operating activities on account of increases in bunker price and charter hire costs, as well as longer credit term given to customers.

Trade receivables increased to USD65.0 million as at 30 Sept 2018, compared to USD58.6 million as at 31 Dec 2017, on account of the increase in revenue and longer credit term given to customers.

The Group incorporated a new wholly owned subsidiary, Samudera Property Limited ("SPL"), in Dubai, UAE, in May 2018. SPL acquired office units in Dubai in August 2018 to house the Group's logistics business.

Commentary On Next 12 months prospects

Looking ahead, the regional container shipping industry is expected to continue to face headwinds as rallying oil prices put significant cost pressure on shipping companies. Industry outlook is uncertain about the impact of trade wars between the US and its trading partners.

Demand for dry-bulk cargo remains relatively healthy, which should lend support to the sustainability of charter rates for its bulk carriers. Meanwhile, the Group continues to be on the lookout for opportunities to expand its business activity in this area.

The Group's 51%-owned warehousing services joint venture in Port Klang, Malaysia, which will be a beginning of the Group's diversification into the logistics business in Malaysia, will commence operations in 1Q19.

Going forward, the Group will continue to strengthen efforts in optimising its cost base through more judicious and efficient fleet management.