SINGAPORE (May 26): Singapore Shipping Corp (SSC) reported a 10.6% decline in 2H20 earnings to US$4.2 million (S$6.0 million) from US$4.9 million in 2H19.

This brings FY20 earnings to US$9.2 million, down 10.6% from a year ago.

Revenue for SSC’s ship owning business in 2H20 edged up 1.5% y-o-y to US$15.8 million, while profit attributable to owners of the company rose 1.8% to US$5.0 million from last year.

Its Agency and logistics business reported a 4.9% dip y-o-y in 2H20 revenue to US$8.1 million, and profit attributable to owners of the company fell 8.9% to US$1.1 million from last year.

Results from operating activities fell 2.2% to US$5.6 million for 2H20.

The company has proposed a final dividend of 1 cent per share.

In its results commentary, the group says it expects further “deteriorating operating results” in the financial year ended March 31, 2021, due to disruptions in the global supply chain arising from the Covid-19 global pandemic.

Shares in Singapore Shipping Corp closed 1 cent lower, or 3.7% down, at 26 cents on Tuesday before the results filing.