For the 12 months period ending 2019, RCL's total lifting grew by 3% to 2,183,995 TEUs compared with the performance in 2018, contributed by a growth in both COC and SOC business of 2% and 5% respectively. Despite lifting growth, the prolong trade dispute between China and U.S. has posed disruption to the global supply chain, where Southeast Asia has been targeted as a replacement source of China, for various goods. Liners realized the potential of this region and continuously added new tonnage within the region which forced freight rate per TEU in 2019 down from the level in 2018. Therefore, RCL's total revenue for the year 2019 decreased by 4% to THB 16,709 Mil compared to that of 2018. Total freight income reduced to THB 16,531 Mil or 4% reduction year-over-year. Also gain on sales of asset was 23% less than 2018, totalling at THB 103 Mil for 2019.
Nonetheless, our continuous effort on cost savings and internal efficiency improvement through various projects did materialize. The effort in exploiting the benefit of Big Data, combining with Business Intelligence system for more accurate and swift decision making resulted in a reduction of RCL's total expense compared with 2018, by 4% to THB 17,278 Mil; mainly contributed by a reduction of Cost of Freight and Operation, a 5% or THB 758 Mil reduction from 2018. RCL's financial cost increased by 30% in accordance with the consecutive delivery of 4 newly built vessels, joining the fleet as from latter part of 2018, reducing average age of the fleet and improving our fleet efficiency. Administrative Expense also increased slightly by 2% year-over-year following our continuous effort to improve our system efficiency through upgrading our IT system.
As a result of the above circumstances and actions taken, RCL reports a net loss of THB 493 Mil for 2019. We will continue our effort to reach the desired sustainable level to strengthen our business against an uncertain future.