Earnings Report /
Thailand

Precious Shipping PCL: 3Q22 profit declined YoY and QoQ

  • Both core and net earnings declined YoY and QoQ

  • PSL posted a 3Q22 net profit of Bt1,348m

  • Revenue declined by 5% YoY and 4% QoQ

Bualuang Securities
7 November 2022

Dry bulk shipping rates may resume rallying when Chinese manufacturing production normalizes and the Russia-Ukraine war eases. However, we think macro-economic issues may squeeze dry bulk freight rates over the long haul, so our HOLD call stands for now.

Both core and net earnings declined YoY and QoQ

PSL posted a 3Q22 net profit of Bt1,348m, down by 10% YoY and 19% QoQ. The reported bottom-line was 28% ahead of our estimate (the T/C rates for Supramax and Ultramax class vessels were considerably higher than we had assumed). Stripping out extra items, the core number would be Bt1,349m, down by 12% YoY and 18% QoQ. The core number was also 28% ahead of our estimate (the T/C rates for Supramax and Ultramax class vessels were considerably higher than we had assumed).