STC posts K116.4m profit for 2010

Source:
The National - Thursday, March 3, 2011
STEAMSHIPS Trading Co Ltd has posted a profit after tax of K116.4 million for the 12 months ending Dec 31, 2010.In 2009, the company realised a profit of K96.6 million.The report said that sales of K775.3 million represented an increase of 56.3% over 2009 sales of K406 million.These figures included Steamships’ equity-accounted share of associate’s results, including Consort and Datec which, in 2009 first-half , were reported as associate companies.Thus, on a “like for like” basis, sales increased by 23.8% and profit after tax and minority interests have increased by 20.6%.Depreciation last year was K66.4 million as against the K48 million the previous year.Interest on borrowings was K28.1 million compared to K12.2 million in 2009.Total capital expenditure for the year was K190.2 million as against K195.4 million in 2009.This was below budget due to slight delays in building projects but was on track for this year.Hotels, property and shipping divisions had a solid 12 months, due to strong demand for their respective services.Demand for hotel accommodation remained strong, and with the completion of the Gateway and Ela Beach Hotel projects in Port Moresby, they would add to the profitability of the Coral Sea Hotels group this year.Ongoing developments for this year would also see the opening of the 160 room Grand Papua Hotel in Port Moresby and 20 additional rooms at the Highlander Hotel in Mt Hagen.