Jinhui Holdings Q1 shipping business sees slight increase

Wu Jian Chang, chairman of Jinhui Holdings (0137), said after the board meeting that the upturning sentiment of the global shipping market pushed the annual shipping business turnover of the group up 13%. The business turnover of the company in Q1 this year also saw slight increase vs the same period of last year. He expected the market sentiment this year would be satisfactory. 

The group has made non-daily provision of HK$90 mln for the permanent devaluation of the motor ships and made HK$60 mln provision for the property devaluation. Mr Wu said the sum of provision this year would be broadly decreased.

At present, the group had more than HK$100 mln in hand. The debt-to-equity ratio of the company was 100%, for the group acquired two new ships last year and borrowed loans from the bank, so the group had no plans of large-scale investment in short term, said Mr Wu.

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