Intercontinental Shipping (02409) issued an announcement to forecast profit attributable to the company's shareholders for the year ended December 31, 2023...
According to the Zhitong Finance App, Intercontinental Shipping (02409) announced that the profit attributable to the company's shareholders for the year ended December 31, 2023 is expected to be reduced by about 60% to 70% compared to the profit attributable to the company's shareholders for the year ended December 31, 2022.
The decrease was mainly due to a decrease in revenue due to a decrease in demand for global trade and shipping services during the period and a decrease in market charter fees and freight rates during the period; an increase in depreciation expenses due to the addition of several control vessels during the period; an increase in sales, general and administrative expenses, mainly due to non-recurring listing expenses due to the listing of the company's shares on the Stock Exchange in March 2023; an increase in financing costs, mainly due to an increase in external financing due to the increase in external financing due to the increase in interest rates by the US Federal Reserve during the period; and a decrease in net profit sharing the associated companies, mainly due to the increase in interest rates for affiliated companies The decline in global demand for trade and shipping services during this period and the decline in market charter fees and freight rates during this period led to a decline in the profitability of several of the company's associated companies.