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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Yujin Int (DI) | LSE:YUJ | London | Ordinary Share | SG9999005946 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 16.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMYUJ
RNS Number : 6172A
Yujin International Ltd
30 September 2015
30 September 2015
Yujin International Ltd
("Yujin" or "the Company" or "the Group")
Interim Results
Yujin International Ltd, the owner and charterer of a fleet of tankers operating in the Asia Pacific region is pleased to announce its unaudited interim results for the six months ended 30(th) June 2015.
Key Points
v Shipping Revenue decreased by 4% from US$ 3.2 million to US$ 3.1 million year-on-year. The decline in year-on-year revenue reflects the Company's continued weak charter rates and reduction in ship management activities.
v Regional chemical tanker, MT Team Bee is on a spot contract until her scheduled dry docking in mid-October 2015. The other regional bitumen tanker, MT Arcturus is on a term contract which is due for renewal in November 2015.
v Yujin's subsidiary, JR Orion Services, managed nine (9) ships as of 30 June 2015. This reflects the sale of one (1) managed ship by its third party owner in February 2015.
v Reduction of operating expenses through a combination of reduced staff numbers, freezing of all staff salaries and closure of non-operating companies.
v Yujin expects business to remain difficult due to the challenging shipping environment which currently exists in the Asia Pacific region.
v The Company remains in discussions to develop and grow the business with potential strategic partners and to maintain its AIM listing.
For further information please contact:
Yujin International Ltd. Tel: 00 (65) 6226 2963
Keen Whye LEE
Or visit www.yujininternational.com
Cantor Fitzgerald Europe
Rick Thompson / Michael Reynolds Tel: 020 7894 7000
CHAIRMAN'S STATEMENT
The Board of Yujin is pleased to present its interim financial report for the six months ended 30 June 2015.
Shipping revenue has decreased by four per cent 4% year-on-year to US$ 3.10 million due to weaker charter rates and reduced in ship management, resulting in an operating loss of US$ 0.56 million.
A summary of the Group's unaudited revenue, operating profit or loss before tax for the six months ended 30 June 2015, and comparative figures for the same period in 2014, is presented below:
Operating (loss) Revenue / profit USD'000 2015 2014 Change 2015 2014 Change Bunker tankers - - - - - - Regional tankers 2,752 2,792 (40) 26 (185) 211 Ship management and other income 345 447 (102) (588) (455) (133) ------ ------ ------- ------ ------ ------- Shipping revenue 3,097 3,239 (142) (562) (640) 78 Bunker trade (non-core activity) - - - - - - ------ ------ ------- Total 3,097 3,239 (142) (562) (640) 78 ====== ====== ======= Finance income / (costs) 31 (265) 296 Profit/Loss before tax (531) (905) 374 ====== ====== =======
REGIONAL TANKERS
Yujin owned 4772 DWT chemical tanker, MT Team Bee, has been continuously on spot charter contract in 2015 until her scheduled dry docking in mid-October 2015. Yujin's other owned 4999 DWT bitumen tanker, MT Arcturus, has been on a term contract and her next renewal will be due in November 2015.
BUNKER TANKERS
There has been no activity in 2015 due to the sale of the Group's bunker tankers in 2013. The Company is in the process of closing the non-operating ship owning companies with the completion of 2014 audit.
SHIP MANAGEMENT AND RELATED ACTIVITIES
Yujin, through its wholly owned subsidiary, JR Orion Services Pte Ltd, managed nine (9) ships as of 30 June 2015 following the sale of one managed ship by its third party owner in February 2015.
FINANCE INCOME
Finance income is mainly attributable to foreign exchange gain of US$ 62,000 and offset by interest expense on bank loan of US$ 31,000.
CURRENT TRADING AND OUTLOOK
The Company continues to review opportunities to develop and grow the business with potential strategic partners, with a view to maintaining its AIM listing.
The regional shipping market is expected to continue to remain weak. Demand for regional tankers is marginally strong as the number of similar small range size vessels has shrunk while regional cargo movement has eased for the past six (6) months. Hence, freight rates in many sectors have remained soft reflecting a continued demand/supply imbalance while fuel costs have remained low.
If freight rates and cargo demand does not improve, the environment in which the Group operates will remain challenging with potential negative effects on its financial performance.
In response to this challenging operating environment and decline in the Group's financial performance, the Board has implemented plans to reduce operating expenses through a combination of reduced staff numbers, freezing of all staff salaries and closure of non-operating companies.
LEE Keen Whye
Non Executive Chairman
Yujin International Ltd
30 September 2015
Consolidated Statement of Comprehensive Income
Unaudited interim results for the six months ended 30 June 2015
Unaudited Unaudited Audited Six months Six months Year ended to 30 June to 30 June 31 December Note 2015 2014 2014 USD'000 USD'000 USD'000 Revenue 3,026 3,104 6,346 Other income 71 135 896 ------------------ ------------------- ----------------- 3,097 3,239 7,242 Costs and expenses Cost of sales 2,204 2,091 3,982 Bad debts written off - - - Depreciation 514 664 1,090 Directors' fees - - 98 Directors' salary - - 554 Staff costs 928 Other operating expenses 941 1,124 699 ------------------ ------------------- ----------------- (3,659) (3,879) (7,351) ------------------ ------------------- ----------------- Profit from operations (562) (640) (109) Non-operating expenses Impairment loss on property, plant and equipment - - - Loss on disposal on property, plant and equipment - - - Finance income / (costs) 31 (265) (40) ------------------ ------------------- ----------------- Profit/(Loss) before tax (531) (905) (149) Income tax expense 3 - - 68 PROFIT/(LOSS) FOR THE PERIOD (531) (905) (81) ================== =================== ================= Other comprehensive income Foreign currency translation differences for subsidiaries 136 209 (665) Revaluation of property, plant and equipment - - 1,369 -------- -------- -------- Other comprehensive income/(loss) for the year, net of tax 136 209 704 TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD (395) (696) 623 ======== ======== ======== Attributable to : Equity holders of the Company (323) (718) 377 Non-controlling interests (72) 22 246 Total comprehensive income/(loss) for the period (395) (696) 623 ======== ======== ======== Attributable to : Equity holders of the Company (459) (927) (216)
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 02:00 ET (06:00 GMT)
Non-controlling interests (72) 22 135 Loss for the period (531) (905) (81) ======== ======== ======== Earnings per share Basic (in USD) 4 (0.015) (0.031) (0.007) Diluted (in USD) 4 (0.015) (0.031) (0.007)
Consolidated Statement of Financial Position
Unaudited interim results at 30 June 2015
Unaudited Unaudited Audited As at As at As at 30 30 31 June June December Note 2015 2014 2014 ASSETS USD'000 USD'000 USD'000 Non-current assets Property, plant and equipment 11,006 10,586 11,529 Deferred tax - 200 - ------------ ------------- ------------- 11,006 10,786 11,529 Current assets Trade and other receivables 5 558 975 825 Amount receivable from a related company - - - Cash and cash equivalents 639 439 314 ------------ ------------- ------------- 1,197 1,414 1,139 Total assets 12,203 12,200 12,668 ============ ============= ============= EQUITY AND LIABILITIES Equity attributable to equity holders of the Company Share capital 3,318 3,318 3,318 Revaluation reserve 3,113 1,744 3,003 Currency translation reserve 1,778 1,792 1,938 Retained earnings (1,176) (1,428) (717) ------------ ------------- ------------- 7,033 5,426 7,542 Non-controlling interests (332) (484) (260) Total equity 6,701 4,942 7,282 ============ ============= ============= Non-current liabilities Loans from related companies - - - Term loan (secured) 1,007 1,712 1,006 Deferred tax 1,477 1,623 1,477 ------------ ---------------- ------------- 2,484 3,335 2,483 Current liabilities Trade and other payables 2,666 3,571 1,506 Amount payable from a related company - - 167 Term loan (secured) 352 352 705 Income tax (payable) - - 525 ------------ ---------------- ------------- 3,018 3,923 2,903 ------------ ---------------- ------------- Total liabilities 5,502 7,258 5,386 Total equity and liabilities 12,203 12,200 12,668 ============ ================ =============
Consolidated Cash Flow Statement
Unaudited interim results for the six months ended 30 June 2015
Unaudited Unaudited Audited Six Year Six months months ended to 30 to 30 June June 31 December 2015 2014 2014 USD'000 USD'000 USD'000 Cash flows from operating activities Profit/(loss) before taxation (531) (905) (149) Adjustments for: Bank loan interest (31) 21 40 Bad debts written off - - 50 Impairment loss on property, plant and equipment - - - Provision for impairment loss on receivable (trade) 32 - 34 Loss on disposal of property, plant and equipment - - - Depreciation 514 663 1,090 Write off deposit - - - ------------------ -------------- -------------------- 515 684 1,214 ------------------ -------------- -------------------- Operating profit before working capital changes (16) (221) 1,065 Decrease/(Increase) in trade and other receivables 267 280 345 (Decrease)/Increase in trade and other payables 1,080 822 (1,042) ------------------ -------------- -------------------- 1,347 1,102 (697) ------------------ -------------- -------------------- Cash generated from operations 1,331 881 368 Income tax paid (525) - (28) ------------------ -------------- -------------------- Net cash flows from operating activities 806 881 340 Cash flows from investing activities Sale / (Purchase) of property, plant and equipment - - (2) ------------------ -------------- -------------------- Net cash flows used in investing activities - - (2) Cash flows from financing activities Payment of term loan interest 31 (21) (40) Payment of interest to related parties - - - Payment of term loan financing (352) (353) (705) Loan from related company - - - Amount payable to a related company - - - -------------- -------------- ------------------ Net cash flows from/(used in) financing activities (321) (374) (745) Net decrease in cash and cash equivalents 485 507 (407) Cash and cash equivalents at beginning of period 314 744 744 Effect of exchange rate changes (160) (812) (23) Cash and cash equivalents at end of period 639 439 314 ============== ============== ==================
Consolidated Statement of Changes in Equity
Unaudited interim results for the six months ended 30 June 2015
Total attributable to equity Share Translation Revaluation Retained holders Non-controlling Total of the capital reserve reserve earnings Company interests equity USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 Balance at 1 January 2014 3,318 2,604 1,744 (501) 7,165 (506) 6,659 Total comprehensive income/(loss) for the year Loss for the
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 02:00 ET (06:00 GMT)
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