Regional Container Lines (RCL) of Thailand has managed to remain in profit, despite second-quarter results considerably lower than last year.
It posted a net gain of THB55 million (USD 1.55 million) for the quarter that ended on 30 June. The comparable figure last year was THB 294 million (USD 8.3 million).
On 17 August the shipper noted continuing overcapacity in the market and volatile freight rates, but still reported a second-quarter operating profit of THB 48 million, before counting in gains from sales of fixed assets.
Total turnover for the quarter fell 14% year-on-year to THB 3,026 million, with the cost of freight and operations falling by 8% to THB 2,703 million. This was said to be mainly due to fewer liftings as well as lower bunker rates.
Shipper-owned container (SOC) vessel liftings in the second quarter were down 10% year-on-year to 205,967 teu. Carrier-owned container vessel liftings fell by 5% to 237,717 teu.
Another factor depressing the balance sheet was a THB 12 million loss from foreign exchange. That compares with a profit of THB 17 million in the same period last year.
Balancing this, the company maintained gains, albeit fewer than recent years, on the sale of old containers. These contributed THB 7 million to the second-quarter figures. Last year’s comparable figure was THB 9 million.