Cargo Handlers Limited Reports Dip in Q1 Profit
- For the first quarter ending December 31, 2018, Cargo Handlers Limited (CHL) reported a net profit of $24.5Mn (EPS: $0.07), representing a 39.3% decline relative to the $40.3Mn reported one year prior.
- While there was a 21.1% increase in revenue, due to increased cement thru-put across the port coupled with increased income generated from home-porting cruise vessels, the company’s performance was curtailed by a significant increase in expenses.
- In particular, the company’s operating costs for the period was $74.2Mn, up 80% when compared with the corresponding period in 2017. The company attributes this increase in costs to a $23.6Mn exchange loss on its US dollar investments.
- CHL stock price has lost 0.4% of its value year to date and currently trades at a P/E of 37.4x earnings which is above the Junior Market average of 31.5x.
(Source: CHL Financials)