Pan-United Corporation Ltd. has announced increased revenue of US$727.4 million for 2013, up two percent over last year.
Coupled with increased effectiveness in shareholding at Changshu Xingshu Port (CXP), which rose from 51.3 percent to 85.5 percent in September 2013, net attributable profit (PATMI) rose to $44.6 million.
By excluding the $2.2 million vessel disposal gains recognised in FY2012, the groups FY2013 core PATMI rose nine percent.
Despite the revenue generated by higher sales in cement and ready-mixed concrete (RMC) and higher utilisation at CXP, total revenue was partly offset in a reduction in trading revenue under the shipping division during the year.
However, this did not diminish the overall growth of the company with the Pan United chief executive officer, Ms May Ng, saying that the group has “consistently re-invested its earnings to grow our core businesses for sustainable profit growth”.
“In addition, the strong cash-flow generated from our operations allows us to distribute higher dividends as our earnings grow. We are pleased to propose a final dividend of 2.75 S¢ for FY2013, a step up from FY2012.”
The group generated a positive net cash-flow of $68.8 million from operations in FY2013. This was a 26 percent increase from last years $54.7 million the year before.
Ms Ng added: “The acquisition of Changshu Changjiang International Port Co., Ltd announced last week is part of the group’s growth plans for the next phase. Although the new investment will take time to be fully realised, we are positive that it will enhance shareholder value in the medium term.”
“This year, we expect steady demand for cement, RMC and aggregates with projected construction demand1, based on construction output, remaining high at $34-36 billion compared to FY2013’s estimated $33 billion.”