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HONG KONG, Nov 29, 2017 - (ACN Newswire) - Great Harvest Maeta Group Holdings Limited ("Great Harvest", the "Group"; stock code: 3683.HK) announces its unaudited interim results for the six months ended 30 September 2017 ("the review period").
During the review period, the Group's business was under sound operation. The revenue of the Group increased from about US$3.8 million for the six months ended 30 September 2016 to about US$6.3 million for the six months ended 30 September 2017, representing an increase of about 63.8 %. The revenue comprised chartering income of approximately US$6.3 million (approximately 100% revenue of the Group, 1H 2016: approximately US$3.6 million) and there is no interest income from the money lending business (1H 2016: approximately US$0.2 million). The average daily TCE of the Group's fleet for the six months ended 30 September 2017 was approximately US$8,800 (1H 2016: approximately US$5,000)
Being prompted by the increase of the seasonal demand for marine transportation of bulk grains in South America in early 2017, the spot freight rate of panamas vessels in dry bulk marine transportation market saw its hike, while that of other types of vessels increased. The average Baltic Dry Index for panamax vessels was 1,154 points during the period from 1 April 2017 to 30 September 2017, representing an increase of about 73% as compared to the corresponding period of 2016. The market prediction and statistics from vessel broker companies expect the demand of dry bulk marine transportation to achieve a growth of approximately 4%, which in turn translates to a growth in vessels of approximately 2.5% this year. Thus the oversupply of vessels would soon be alleviated, and it is also a key factor for the rise of this year's spot freight rate.
As at 30 September 2017, 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 fleet maintained a high operational level with an occupancy rate of 99.53% during the review period. The average daily charter rate of the vessels was approximately US$8,762, representing an increase of US$3,815 as compared to the corresponding period last year, with a growth rate of approximately 77%.
Mr. Yan Kim Po, the chairman of Great Harvest Maeta Group Holdings Limited said, the Group will seek to charter out its vessels to reputable charterers while endeavouring to provide the best services to charterers, so as to maintain a favourable corporate image. In addition, in order to reduce operational risks and achieve better operational efficiency, the Group will continue to uphold its proactive yet prudent operating strategies.
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 at the second half of 2017. The Group has planned to seek the possibility to redevelop the project into "cultural and tourism real estate" project to construct villas, LOFT apartment, low density villas, retail space, car parking 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 Kim Po concluded, "The Group will maintain its prudent operating strategies by enhancing the daily management of vessels, continue to identify new development opportunities, expand its scope of business and diversify its income streams by expanding more operations other than the shipping business. The Group's development strategy of entering into property investment and develop business was justified, as after the Chinese Lunar New Year of 2017, the land premium and prices of real estates in Haikou rocket along the domestic residential needs. 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 six months ended 30 September 2017, the Group's fleet size is 319,923 dwt, including 4 panamax dry bulk vessels, which are GH FORTUNE, GH POWER, GH GLORY and GH HARMONY, the average age of the Company's fleet is 11 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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