RCL back in black with US$9.9 million due to revaluation gain

REGIONAL Container Lines (RCL), a carrier listed on the Stock Exchange of Thailand, has posted a profit of US$9.9 million for 2010 following $115.8 million loss suffered in 2009.


The profit was largely delivered by a revaluation gain of $20.6 million on company properties rather than operational performance. "If the revaluation gains were excluded, RCL would have remained in the red," said maritime analyst Alphaliner.


Operating profits hit $2.4 million in 2010 versus an operating loss of $84 million the previous year. Revenue rose 15 per cent to $480 million with seven per cent increase in total volume and eight per cent growth in average revenue per TEU.


"Although RCL's operating performance has improved over 2009, it remains worse than the results achieved in 2008. Total volume reached 2.52 million TEU, with COC (carrier-owned containers) reaching 1.35 million TEU (up seven per cent) while SOC (shipper-owned containers) reached 1.17 million TEU (up 6.1 per cent). The liftings were below the 2.9 million TEU recorded in 2008 before the financial crisis," said Alphaliner.
(Source:http://www.schednet.com)