Jinhui posts third quarter loss

Jinhui

The Board of Jinhui Shipping and Transportation Limited announced the unaudited condensed consolidated results of the Company and its subsidiaries for the quarter and nine months ended 30 September 2016 .

THIRD QUARTER AND NINE – MONTH RESULTS

Revenue for the third quarter of 2016 declined 21% to US$ 19,000,000, comparing to US$ 24,171,000 for the corresponding quarter in 2015. The Company recorded a consolidated net loss of US$ 28,507,000 for current quarter as compared to a consolidated net loss of US$ 32,389,000 for the corresponding quarter in 2015.

Basic loss per share was US$ 0.339 for the third quarter of 2016 while basic loss per share was US$ 0.385 for the corresponding quarter in 2015. Revenue for the first nine months of 2016 declined 34% to US$ 44,023,000, comparing to US$ 66, 580,000 for the same period in 2015. The Company recorded a consolidated net loss of US$ 67,651,000 for the first nine months of 2016 while a consolidated net loss of US$ 40,314,000 was reported in the first nine months of 2015 . The substantial consolidated net loss for the first nine months of 2016 was attributable to the exposure to declining freight rates at such unexpected weak shipping market and the impairment loss on assets held for sale of US$ 37,582,000 recognized upon reclassification of one Panamax, five Supramaxes and one Handymax for which the Group entered into disposal agreements in the period. The impairment loss on assets held for sale is non-cash in nature and does not have impact on the operating cash flows of the Group.

Basic loss per share for the period was US$ 0.805 as compared to basic loss per share of US$ 0.480 for the first nine months of 2015 .

INTERIM DIVIDEND

The Board has resolved not to recommend the payment of any interim dividend for the quarter ended 30 September 2016 .

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