RCL improved to 470,610 lifts in 1st quarter

Continued from very strong liftings in Q403, the liftings in Q104 for Regional Containers Lines Public Company Limited had improved further to 470,601 lifts. This represented an 11% increase as compared to the same period last year. In this quarter, both lines of business registered substantial growth, SOC (or Shippers' Own Containers) by 16.6% and COC (or Carrier's Own Containers) by 5.4%.
The Freight Income of the Group was up 9.8% at THB3.45 billion, compared to THB3.14 billion for the same quarter last year. This was in line with the improved liftings. As regional currencies had continued to strengthen against US Dollar and with the Freight Income being US Dollar based, the Group's Freight Income suffered a translation loss estimated at 8.5%, year-on-year. After taking into account this loss in translation, the freight rate restoration yielded an increase of 7.5% as compared to the same quarter last year. Total turnover for the Group in Q104 stood at THB3.56 billion which was 9.2% higher than Q103.
In line with the improved liftings, the Cost of Freight and Operation in the first quarter of 2004 increased 7.2% at THB2.78 billion. Despite the significant increases in external time charter expenses throughout 2003 and thus far in 2004, the Group had managed to alleviate the impact to a great extent. This is largely due to the Group's policy of owning substantial share of operational tonnage. To-date, of the 37 vessels that are operated, over 60% is owned tonnage. With the additional 6 new vessels joining the fleet next year, the impact shall be mitigated further.
Owing to the improved liftings and freight rates, net profit of the Group in Q104 was up 81% at THB431.5 million as compared to the same quarter last year. Moreover, the Group recorded an exchange gain of THB80.5 million this quarter versus an exchange loss of THB101.3 million, year-on-year. Putting aside the exchange and other non-operational adjustments, the normalized operational profit in Q104 was THB392.5 million; a 54% increase as compared to the same quarter last year.