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OOIL, half year results

• Group Revenue of US$3,115 million
• 6% Liftings Growth to 3.3 million TEU
• Group Operating Profit of US$51 million
• Loss Attributable to Equity Holders of US$10 million
• Loss per Ordinary Share of US1.6 cents 
• No Interim Ordinary Dividend

Financial And Operational Highlights

• Liftings growth of 6%
• Group EBITDA of US$322.6 million (including discontinued operation)
• Group EBIT of US$96.5 million (including discontinued operation)
• Net Debt to Equity ratio at 44%
• Remaining 21,413 TEU newbuilding vessel delivered in Q1 2018

Orient Overseas (International) Limited and its subsidiaries (the “Group”) today announced a loss attributable to equity holders of US$10.3 million for the six-month period ended 30th June 2018, compared with a profit of US$53.6 million for the same period in 2017.

Results for the first six months of 2018 included investment income of US$23.2 million from Hui Xian and a net fair value gain of US$39.9 million on the revaluation of Wall Street Plaza.

Loss per ordinary share for the first half of 2018 was US1.6 cents, whereas earnings per ordinary share for the first half of 2017 was US8.6 cents.

The Board of Directors does not recommend an interim dividend.

The outgoing Chairman of OOIL, Mr. C C Tung, said, “Against the backdrop of a healthy global economy, the industry experienced good levels of cargo growth, and benefitted from moderate improvements in freight rates in many trade lanes.  As such, the slow and steady recovery that began in late 2016 continued to provide encouragement to our sector.”

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