Jinhui Shipping and Transportation Ltd (J4O.F) posted sharply lower profit for the third quarter, with results weighed down by the disposal of owned vessels and weaker revenue.
The Group reported net profit of $82,000, or $0.001 per basic share, compared with $7.59 million, or $0.07 per basic share, a year earlier. The decline was mainly due to a $3.73 million loss on the disposal of four vessels upon delivery.
Operating profit fell to $2.42 million, down from $9.17 million in the prior-year quarter.
Revenue for the quarter amounted to $40.43 million, an 11% decrease from $45.59 million in the same period last year, reflecting a reduction in the number of owned vessels.
The Board resolved not to recommend an interim dividend for the quarter.
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