PORT MORESBY, Papua New Guinea (PNG Post-Courier, Mar. 1) – Steamships Trading company yesterday announced a massive profit after tax of PGK47,479,000 [US$16 million] for the year to December 2006.
This is compared to PGK40,208,000 [US$14 million] for 2005. This figure includes Steamships’ equity-accounted share of associates’ results.
[PIR editor’s note: Steamships Trading Company is a diversified company that has been operating in Papua New Guinea for 80 years. It has offices in Port Moresby and Sydney.]
Sales have decreased to PGK336 million [US$118 million] from PGK370 million [US$130 million] in 2005, largely because of disposal of the Merchandise division, offset in part by the full year’s trading from businesses acquired during 2005.
Last year’s depreciation was PGK31,872 against K29,769,000 in 2005, and interest on borrowing was K1,473,000 against PGK3,482,000 in the previous year. Steamships directors said the reduction in interest expense...