Hui Yang-KY Reports 94% Year-on-Year Profit Growth in August with EPS of NT$1.55

Bulk shipping company Hui Yang-KY (2637-TW) announced today (3rd) that its consolidated revenue for August reached NT$2.013 billion, down 4.03% month-on-month, ending three consecutive months of growth. However, it still marked a 34.96% year-on-year increase. Cumulative consolidated revenue for the first eight months reached NT$13.78 billion, up 35.38% compared to the same period last year.

The company also reported a self-calculated pre-tax profit of NT$1.154 billion for August, representing a 94.22% year-on-year increase, with earnings per share (EPS) at NT$1.55. For the first eight months combined, pre-tax profit totaled NT$5.081 billion, surging 334.6% year-on-year, with EPS reaching NT$6.81.

Hui Yang-KY stated that it recognized gains from the disposal of two vessels in August, contributing approximately NT$0.5 to the monthly pre-tax EPS. Since the beginning of the year, the company has already recorded profits from the sale of five vessels, with one additional vessel announced for disposal but not yet formally delivered to the buyer.

Amid increasingly stringent environmental regulations, Hui Yang-KY aims to build the largest energy-efficient fleet in the industry. Benefiting from currently high freight rates and robust demand in the secondhand ship market, the company is actively disposing of older vessels this year, with full-year profitability expected to grow at a double-digit rate.

Additionally, two new energy-efficient Handy-sized vessels will join operations in September.

Looking ahead to the fourth quarter, Hui Yang-KY noted that the peak season for North American grain harvest shipments and winter coal demand, coupled with recurring tensions in the Strait of Hormuz and global extreme weather events, is reducing bulk carrier turnaround rates, supporting freight rates.