OOIL announces 2015 Interim Results
Orient Overseas (International) Limited and its subsidiaries today announced a profit attributable to equity holders, after tax and non-controlling interests, of US$238.6 million for the six-month period ended 30th June 2015, compared with US$181.3 million for the same period in 2014.
The profit after tax and non-controlling interests attributable to equity holders for the first six months of 2015 included investment income of US$27.2 million from Hui Xian and a net fair value gain of US$9.8 million on the revaluation of Wall Street Plaza (after capital expenditure net off).
Earnings per ordinary share for the first half of 2015 were US38.1 cents, whereas earnings per ordinary share for the first half of 2014 were US29.0 cents.
The average price of bunker recorded by OOCL in the first half of 2015 was US$352 per ton compared with US$595 per ton for the corresponding period in 2014, generating a decrease in fuel costs of 38%.
Compared to the first half in 2014, OOCL liner lifting dropped by 2%, load factor by 4%, and revenue by 6%. Average revenue levels in some trade lanes reached new post-Global Financial Crisis lows, with an average revenue per TEU drop of 4% in the first half.
In the first half of 2015, the Group took delivery of its fifth and sixth ‘SX’ Class 8,888 TEU vessels from Hudong-Zhonghua Shipbuilding in Shanghai, namely the ‘OOCL Taipei’ and ‘OOCL Utah’. Mr. Tung said, “There are two remaining vessels from this series, both of which are to be delivered in the second half of 2015.”
One 8,063 TEU SX class vessel, the 2004-built ‘OOCL Qingdao’, was sold in March 2015 and leased back to OOCL for 3 years.
It was announced on 1 April 2015 that the Group had placed orders for six vessels of the 20,000 TEU class with Samsung Heavy Industries Co., Ltd. of South Korea. Delivery is planned to occur in 2017.
As at 30th June 2015, the Group had total liquid assets amounting US$2.8 billion and a total indebtedness of US$4.2 billion. Net debt as at 30th June 2015 was therefore US$1.4 billion compared with US$1.3 billion as at the 2014 year end.
OOIL owns one of the world’s largest international integrated container transport businesses, which trades under the name “OOCL”. With more than 320 offices in 70 countries, the Group is one of Hong Kong’s most international businesses. OOIL is listed on The Stock Exchange of Hong Kong Limited.
