Financial Results as at 30 June 2019
13 Aug 2019

Despite increasing challenges in the shipping industry, RCL was able to record a Net Profit of THB 11.4 Mil in Q2 2019 against a Net Loss of THB 43.1 Mil in the same quarter of 2018. Total lifting grew by 11% or 52,755 TEUs, resulting in an increase in total revenue to THB 4,297 Mil, an improvement of 3.3% or THB 136.3 Mil higher from Q2 2018.

In Q2 2019, trade environment worsened with no significant and sustainable improvement of the freight rates. The market also encountered many persisting uncertainties, i.e. volatile bunker prices, IMO 2020 regulation, and the trade war. These uncertainties translated into a higher bunker price by some 9.7%. Meanwhile, RCL has put a significant effort to improve internal efficiency as a safe-guard to these threats. As a result, whilst a continuing growth in lifting, the total cost of freight & operation increased only by 0.7% from same quarter last year. Administrative expense for Q2 2019 also increased by 5% in comparison with Q2 2018. Over all, RCL still managed to restrict an increase of total expense at 1.7% compared with the same quarter of 2018 in spite of higher lifting.

A year-on-year comparison of the first half performance also revealed an improvement of RCL's operation. The company recorded a 4%, or THB 317 Mil increase of freight income and an 8.1% growth of lifting, and that raised the total revenue by 3.6% from the same period of 2018. RCL has managed to grow the lifting and revenue, while still keeping down the expense as the total expense inched up by only 0.7%, or THB 60 Mil year-on-year. Therefore, RCL was able to limit the Net Loss to THB17 Mil in first half of 2019 compared with the Net Loss of THB234 Mil in the same period of 2018.

In conclusion, as a consequence of the volatile market situations together with our internal actions, RCL Group reported a Net Profit of THB11.4 Mil in Q2 2019 and a Net Loss of THB17 Mil for the first half of 2019. This could be considered as a significant improvement compared to the Net Loss of THB234 Mil in the first half of 2018.

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About RCL
Founded in 1979, RCL is a Thai based container shipping line. Listed on the Thai Stock Exchange since 1988, its core business is in the carriage of Shipper owned containers (SOC) and its own Carrier container containers (COC) in a service network that is fully Asia centric. RCL currently owns and operates a fleet of 43 vessels with sizes ranging between 200 TEUs and 6621 TEUs. It also has a fleet of 107,574 TEUs to support its own COC carriage as well. RCL operates a network of 69 offices made up of both owned and agency partner offices to support its operations. Today, RCL is recognised as amongst the leading SOC and Intra Asian operator by both peers and customers alike.

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