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Financial Results as at 31 March 2017
12 May 2017

2017 Q1 Financial Results (THB)

In Q1/2017, RCL registered a total liftings of 445,166 TEUs, an increase of 6% as compared to the same period in 2016. Liftings for Shipper Owned Container (SOC) was 193,490 TEUs, a growth of 6% and similarly, Carrier Owned Container (COC) liftings also locked in a 6% increase at 251,676 TEUs against the same period in 2016.

However, the freight rate per TEU in Q1/2017 declined 7.2% when compared to the same period in 2016, resulted in an operating income of THB 2,574 million, a decrease of 2.9% vis-a-vis the same period in 2016. In addition, the company's gain from disposal of old containers amounted to THB 62.9 million, the Company recorded a total revenue of THB 2,644 million in Q1/2017, representing a decrease of 0.8% as compared to the same period in 2016.

Cost of freight and operations in Q1/2017 was THB 2,642 million, a slight increased of 1.5% versus the same period in 2016. The main factors contributing to the increase cost of freight and operations were the higher oil price which went up 71.6%, compared to the same period in 2016 and the Company's loss on exchange rate at THB 10.6 million. The total expenses was THB 2,924 million, reflecting a 0.2% increase, when compared to the same period in 2016, resulting in the company slipping into a net loss of THB 261 million while the net loss for the same period in 2016 was THB 243 million.

Although, the shipping industry in Asia for 1st quarter was sluggish due to the holiday seasons, the Company has in fact better performed, as it posted a net loss of THB 261 million in Q1/2017, a reduction of THB 233 million, whereas the net loss for Q4/2016 was THB 494 million. Despite a decrease in total liftings of 4.7%, and a dropped of 2.3% in freight income, cost of freight decreased 3.6% because of improvement in the Company's freight rate per TEU by 3.4%, as compared to Q4/2016. This indicated a positive trend for the Company.

Notably, the scenario in shipping industry has changed significantly. Freight rates has decreased drastically in 2016, though it started to move slightly upwards at the end of 2016 and continued to improve in Q1/2017. Less competitors arising from mergers and alliances including higher oil price, as well as growth in economy, are factors contributing to freight rates improvement in the next phase.

About RCL

Founded in 1979, RCL is a Thai based container shipping line. Listed on the Thai Stock Exchange since 1988, its core business is in the carriage of Shipper owned containers (SOC) and its own Carrier container containers (COC) in a service network that is fully Asia centric. RCL currently owns and operates a fleet of 45 vessels with sizes ranging between 200 TEUs and 6621 TEUs. It also has a fleet of 99,171 TEUs to support its own COC carriage as well. RCL operates a network of 66 offices made up of both owned and agency partner offices to support its operations. Today, RCL is recognised as amongst the leading SOC and Intra Asian operator 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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