News

May 2019 Monthly Earnings Release

 

Wisdom Marine Lines Co., Limited
May 2019 Monthly Earnings Release
  USD TWD(in thousands)
YoY% Change
Monthly Revenue 37,501,111 1,171,534 Plus 2.00%
Year-to-Date Revenue 184,120,055 5,692,256 Plus 6.91%
Monthly Operating Income 8,821,123 275,572 Plus (9.95)%
Monthly Net Income before
Income Tax Expense
3,843,378 120,069 Plus (7.66%)
Year-to-Date Net Income
before Income Tax Expense
43,563,639 1,346,814 Plus 157.94%
Monthly Pre-tax EPS - 0.19 -
Year-to-Date Pre-tax EPS - 2.13 -

          Year-to-Date Operating Income              45,593,961                       1,409,583                        Plus 8.34%

Basis for Computation:
 
Month End
Monthly Average
Annual Average
TWD/USD 31.600 31.240 30.916
JPY/USD 108.77 109.95 110.43 
Outstanding Shares 638,968,006 - -
Weighted Average of Shares Outstanding 632,979,337 - -
  Month End Prior Month Prior Year
No. of Vessels 131 132 128
BDI 1096 1011 1090

 

Analysis:
1.Change of Fleet:
5/23 Beagle Vl (Small Handy/13820DWT) was sold. 2.Change in Operation:6 vessels in dry-dock. 3.Fluctuation of Exchange Rate: Yen fluctuations resulted in non-operating income (loss) from outstanding borrowings denominated in Japanese Yen. 4.Renewal of Contracts:2 vessels renewal of contracts. 5.Operating Income:Operating income decreased 9.95% due to the dry bulk market slump in Q1. However, the shipping market continued to recover, and with the Company’s new vessels delivery and the TC hire renewal this year, the expected operating income will have the opportunity to grow. 6.Non-operating income: The depreciation of New Taiwan Dollar and the appreciation of Japanese Yen led to foreign exchange gain/loss by the exchange rate at the end of the month. Recognize gain on sale of fixed assets USD116,121 and compensation USD120,000 because of a vessel sold. Notes on Compilation: 1.We adopt IFRS. 2.Our functional currency is US Dollar. The representation of TWD figures are calculated based on the average exchange rate of the relevant period. Evaluation gain or loss is calculated based on the month end exchange rate. 3.Rate of change is calculated with USD figures. 4.Earning per share is calculated based on weighted average of outstanding shares. 5.Depreciation and crew wage costs are calculated on a monthly basis, but revenue is calculated on incurred basis by day. Hence the calendar days of each month could slightly affect revenue and operating profits. 6.The lubricant oil expenses is estimated monthly and adjusted according to inventory check on a quarterly frequency. 7.The duration of each vessel might differ according to size, condition and specifications. Modern new buildings now are normally depreciated on a 25 year duration. 8.The earning release is based on unaudited provisional account. Monthly Net Income before Income Tax Expense reported in the earnings release includes earnings attributable to minority interests.