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Orient Overseas profit increased to $283.9 million

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Staff writer ▼ | March 8, 2016
Orient Overseas announced a profit attributable to equity holders for 2015 of $283.9 million, compared to a profit of $270.5 million in 2014.
Orient Overseas
Orient Overseas   The group took four 8,888 TEU SX class newbuilding vessels
Earnings per ordinary share in 2015 was $45.4 cents, whereas earnings per ordinary share in 2014 was $43.2 cents.

The board recommends the payment of a final ordinary dividend of $1.85 cents (HK$0.145) per share to shareholders for 2015.

OOIL’s Container Transport and Logistics business reported EBIT of $294 million, representing an operating margin of approximately 5%.

Liner liftings at 5.6 million TEU with load factor dropped to 72% from 76%.

The group took delivery of four 8,888 TEU SX class newbuilding vessels during the year representing a 6.0% increase in net operating capacity from 2014 to 561,421 TEU.

In addition, the group ordered six 20,000 TEU class newbuilding vessels for delivery in 2017.

Alan Tung, the group’s chief financial officer, commented, “As at 31st December 2015, the Group had total liquid assets of $2,549.0 million compared with debt obligations of $438.6 million repayable in 2016. The net debt to equity ratio remained low at 0.32 : 1 at the end of 2015."