01 Mar 2013

Year 2012 Financial Results (THB)

In a traditionally low season, RCL reported fourth quarter 2012 results, posting a net loss at THB 1,223 million, after provisions of loss in both vessel impairment of THB 750 million and onerous contract for the amount of THB 347 million. The company's loss was THB 392 million in 4Q2011. Continued over-capacity has contributed to the operating loss of THB 1,404 million in 4Q2012, before a gain on sales of fixed assets. After taking into consideration the gain from sales of assets in 4Q2012, the twelve months loss was THB 1,927 million as compared with the loss of THB 780 million in 2011.

Regional Container Lines Group's Shipper Owned Container (SOC) liftings in 4Q12 increased 4% year-on-year at 279,684 TEUs. For Carrier Owned Container (COC), the liftings declined 6% year-on-year at 272,156 TEUs. The total liftings for 4Q12 therefore decreased 2% year-on-year at 551,840 TEUs. On the full year basis ended December 31, SOC liftings remain steady at 1,119,228 TEUs, however COC liftings reduced by 9% at 1,114,414 TEUs, resulting in a decrease in total liftings of 4% at 2,233,642 TEUs.

As a result of the decline in liftings, total turnover for the fourth quarter before exchange difference, reversal of loss on impairment of building, gain on sale of assets and adjustment for unrealized loss on derivatives, decreased by 1% Y-O-Y at THB 3,213 million.

The cost of freight and operation in 4Q12 reduced by 0.1% at THB 3,213 million as compared to the same quarter the year before, mainly due to the decline in liftings.

In 4Q12 the group disposed off some old containers and a vessel, which translated to a disposal gain of THB 181 million as against a disposal gain of THB 46 million in 4Q11. In addition, the group recorded a gain on exchange of THB 9 million in 2012 versus a loss of THB 169 million last year.

Despite the improved capacity disciplines led by major global carriers/alliances, the industry remains in a significantly over supply situation, as global fleet delivery appears set to increase by 8.2% in 2013 from 6.4% in 2012.



About RCL

Founded in 1979, RCL is a Thai based container shipping line, which was public listed on the Thai Stock Exchange since 1988. Its core business is in the carriage of Shipper owned containers (or SOC) and its own Carrier owned containers (or COC) within a service network that is fully Asia centric. RCL currently owns and operates a fleet of 40 vessels with sizes ranging between 500 TEUs to 2,732 TEUs, with a fleet of 71,822 TEUs to support its own COC carriage as well. It also operates a network of 67 offices made up of both owned and agency offices to support its service structure. Today, RCL is recognised as amongst the leading SOC and Intra Asia COC operators by both peers and customers alike.

For media enquiries, please contact Michelle Ng at ph: (65)62292087 mail: michelle@rclgroup.com


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