FSL Trust’s strong performance

Feb 26 2016

Singapore’s FSL Trust Management (FSLTM) has reported strong performance for the fourth quarter and the 2015 financial year.

For 4Q15, revenue grew 6.2% year-on-year to $25.9 mill and contributed to an overall 2015 revenue of $106.6 mill, compared to $93.4 mill in 2014. The 14.1% year-on-year growth for 2015 revenue was achieved by the FSLTM’s continued focus on optimising the Trust’s fleet employment, it claimed.

Net cash generated from operations of $15.7 mill in 4Q15 was lower than the $18.5 mill recorded in 4Q14, mainly due to the drydocking of two MRs and some further extraordinary expenses incurred by the Trust, including the startup cost relating to the acquisition of the MR ‘FSL Osaka’.

Despite this, the Trust generated net cash of $62.8 mill in 2015, 18% higher than the previous year’s $53.2 mill.

This marks the seventh consecutive quarter of profitability for the Trust with net profit of $0.1 mill in 4Q15 (4Q14 = $7.3 mill), contributing to a net profit of $14.1 mill for 2015, being more than three times higher than that reported for 2014.  

Previous: Team Tankers up year-on-year

Next: Milaha increases revenue on all fronts

Jun-Jul 2024

Tanker Operator Athens report: managing crewing, training challenges, views on SIRE 2.0