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HONG KONG, June 26, 2018 - (ACN Newswire) - Great Harvest Maeta Group Holdings Limited ("Great Harvest" or the "Group"; stock code: 3683.HK) today announces its annual results for the year ended 31 March 2018 ("the review year").
During the review year, the Group maintained sound operation. The revenue of the Group increased from approximately US$8.1 million for the year ended 31 March 2017 to approximately US$14.2 million for the year ended 31 March 2018, representing an increase of approximately 75.2%. The revenue comprised chartering income of US$14.2 million (2017: US$7.9 million) and there is no interest income from money leading business during the review year (2017: US$0.2 million). The average Daily TCE of the Group's fleet increased from approximately US$5,544 for the year ended 31 March 2017 to approximately US$9,970 during the review year, representing an increase of approximately 79.5%.
Being prompted by the increase of the seasonal demand for marine transportation of bulk grains in South America early in the year, the spot freight rate of panamax vessels in dry bulk marine transportation market of 2017 revealed a trend of hike, while that of other types of vessels increased. The average Baltic Dry Index for panamax vessels was 1,321 points during the period from 1 April 2017 to 31 March 2018, rising by 463 points as compared to 858 points last year. The market prediction and statistics from vessel broker companies expect the adjusted demand of dry bulk marine transportation can reach a growth of approximately 3% this year, as compared to the growth of fleet size of approximately 2%. The oversupply of vessels continued to be alleviated, which is also the main factor for the better performance of spot freight rate over the year.
As at 31 March 2018, the Group's fleet comprised four panamax dry bulk vessels, namely GH FORTUNE, GH POWER, GH GLORY and GH HARMONY, with a total carrying capacity of approximately 319,923 dwt. The average age of the fleet is 12 years and the fleet maintained a high operational level with an occupancy rate of approximately 99.53% during the review year. The average daily charter rate of the vessels was approximately US$9,970 per vessel, representing an increase of approximately 80% as compared to the corresponding period of last year.
Mr. Yan Kim Po, the Chairman of Great Harvest said, "In order to reduce operational risks and achieve better operating efficiency, the Group will continue to uphold its proactive and prudent operating strategies and seek to charter out its vessels to reputable charterers while endeavouring to provide the best services to charterers, so as to maintain a favourable market image."
On the other hand, the projects in the lands located in Haikou ("the project") is currently under the procedure of construction application, as the Haikou local government has finalized its plans. To capture the opportunity prompted by the residential demands in Haikou, the Group seeks the possibility to redevelop the project into "cultural and tourism real estate" project to construct villas, loft apartment, low density villas, retail, car park and other ancillary facilities with approximately 130,000 square meters. Top Build Group Ltd., a wholly-owned subsidiary of Great Harvest, indirectly through its subsidiaries holds 91% interest in a company in the PRC which holds the Lands located at Haikou.
Mr. Yan concluded, "The Group will maintain its prudent operating strategies by enhancing the daily management of vessels, providing better transportation services to customers and seeking for more reputable and reliable charterers at higher rates, thus generating ore operational revenue for the Group. Also, the Group will strictly control operating costs and reduce all unnecessary expenses, as well as identify new development opportunities and expand its scope of business and diversify its income streams by expanding more operations other than the shipping business. Looking forward, the Group will uphold its proactive and prudent operating strategies, to achieve a better result, to bring a more fruitful return to our shareholders."
Great Harvest Maeta Group Holdings Limited
The Group is principally engaged in chartering out its own dry bulk vessels and property investment and development. For the year ended 31 March 2018, the Group's fleet size is 319,923 dwt, including four panamax dry bulk vessels, which are GH FORTUNE, GH POWER, GH GLORY and GH HARMONY, the average age of the Company's fleet is 12 years with the fleet occupancy rate at approximately 99.53%.
Topic: Press release summary
Source: Great Harvest Maeta Group Holdings Limited
Sectors: Daily Finance, Daily News
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From the Asia Corporate News Network
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