RCL posts record financial results
Singapore-based Regional Container Lines Group reported record financial results for both the fourth-quarter and full year 2004.
RCL’s fourth quarter net income of $34.1 million compared to a loss of $1.8 in the same quarter 2003. Operating income was $50.6 million, up 168 percent on the $18.9 million reported in the same period 2003. Revenue rose 54 percent to $130.6 million.
For the full year, RCL’s net income jumped 537 percent to $87.3 million from $13.7 million in 2003. Operating income was $145.2 million up 112 percent over 2003’s $68.4 million. Revenue rose 41 percent to $444.9 million from $315.5 million in 2003.
RCL attributed the improved results to “strong growth in liftings, a steady recovery of ocean freight rates and a relatively stable fixed cost.”
RCL said it lifted a record 2.1 million TEUs, representing a 21 percent increase over the amount carried in 2003.