Oldest diversified company in Papua New Guinea
PORT MORESBY, Papua New Guinea (PNG Post-Courier, February 27, 2009) – Steamships Trading Company Limited yesterday reported a net profit of PGK90,226,000 [US$34.2 million] for 2008 — PGK16 million [US$6 million] more than the previous year.
Papua New Guinea’s oldest diversified trading company made a profit of K74,157,000 [US$28 million] in 2007
Sales of K465.8 million increased by 14.5 per cent against 2007 sales of K406.8 million, the Steamships board of directors said in its final report to the Port Moresby Stock Exchange.
Depreciation in 2008 was K39,316,000 against K35,608,000 in 2007 and interest on borrowings was K4,654,000 against K1,761,000 in 2007.
Capital expenditure for the 12 months was K133,657,000 against K77, 732,000 in 2007.
The board said the result reflected the continuing improvement in trading performance from most businesses within the Steamships Group. It said the...