The Edge Singapore Published on Fri, Aug 13, 2021
Investment company Uni-Asia Group, which has interests in shipping and property, has reported earnings of uS$7 million for 1HFY2021, reversing from a net loss of US$3.9 million in the year earlier.
Revenue in the same period was up 47% y-o-y to US$31.7 million.
The growth was largely driven by a 46% y-o-y jump in chartering income to US$20 million, thanks to strong demand for its fleet of dry bulk carriers.
The company notes that with demand still outstripping supply, the “current good market will continue into at least 2022” and therefore, will be a positive ten of its wholly-owned dry bulk carriers whose charters are due in 2H2021 to 2022, and as such Uni-Asia would be able to “capitalise” on the ongoing bullish shipping market.
Besides its fleet of vessels, Uni-Asia is also undertaking a series of property development project in Hong Kong, with “aggressive sales activities” for the fourth and fifth projects seen once there is a broad-based recovery for the property market.
Last but not least, it owns a portfolio of properties in Japan as well for rent. The company is “exploring new business opportunities as well as investment structures to expand income stream and returns from its property business in Japan.”
Uni-Asia plans to pay an interim dividend of 2 cents per share.
Uni-Asia shares closed Aug 13 at $1.11, unchanged for the day but nearly double year to date.