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Stevedoring Services Ltd Releases The General Manager's Report
Hamilton, Bermuda - 13 November, 2008 - Stevedoring Services Ltd (STVD.BH) release the General Manager's Report For The Six Months ended 30th September, 2008.
The unaudited financial figures for the six month period ending 30th September, 2008, with comparative figures for the previous period, are as follows:
2008 2007
Revenue $5,608,368 $6,404,157
Expenses $5,236,428 $5,827,280
Net Profit $371,940 $576,877
Income per share $.30 $0.46
Revenue decreased by 14.18% over the previous period and expenses decreased by 11.28 % resulting in a decrease of 44.9% in net income.
The reduced revenue is a direct result of lower cargo volumes, the loss of stripping revenues and cruise ship tie up income.
Indications are that the coming months may see further reductions in cargo volume as the local and global economies continue to slow.
Enquiries to : Peter L. Aldrich, General Manager