HIGHLIGHTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2023
- Revenue for the period: US$57 million
- Net loss for the period: US$27 million
- Basic loss per share: US$0.250
- Gearing ratio as at 30 September 2023: 10%
HIGHLIGHTS FOR THE THIRD QUARTER OF 2023
- Revenue for the quarter: US$20 million
- Net loss for the quarter: US$8 million
- Basic loss per share: US$0.074
The Board of Jinhui Shipping and Transportation Limited (the 'Company') is
pleased to announce the unaudited condensed consolidated results of the Company
and its subsidiaries (the 'Group') for the quarter and nine months ended 30
September 2023.
The Group reported a revenue for the third quarter of 2023 of US$20,038,000,
representing a decrease of 49% as compared to US$39,579,000 for the same quarter
in 2022. The consolidated net loss for the quarter was US$8,079,000 as compared
to a consolidated net profit of US$289,000 was reported in the third quarter of
2022. Basic loss per share was US$0.074 for the third quarter of 2023 as
compared to basic earnings per share of US$0.003 for the corresponding quarter
in 2022.
Revenue for the first nine months of 2023 decreased 53% to US$57,265,000,
comparing to US$122,844,000 for the same period in 2022. The Company recorded a
consolidated net loss of US$27,340,000 for the first nine months of 2023 whereas
a consolidated net profit of US$39,638,000 which included a net gain on disposal
of US$6,146,000 on owned vessels, was reported in the first nine months of 2022.
Basic loss per share for the period was US$0.250 as compared to basic earnings
per share of US$0.363 for the first nine months of 2022.
Market freight rates in dry bulk shipping market for the first nine months of
2023 were weak due to a number of factors: (i) slowing global economic growth