FSL Trust has managed to maintain its positive momentum as it improved its bottom line in the third quarter.
The diversified shipowner reported net profit of $3.5m, an improvement of 24% from the same stage of 2015.
Alan Hatton, chief executive at FSL, said: “We are pleased to post another profitable and cash generative quarter, despite the challenging shipping market and three dry dockings falling in 3QFY16.
“This justifies the strategy the Trust has employed, taking good quality contract cover through 2016, 2017 and beyond.”
FSL boosted its profit despite a decline in revenue, which went down from $28.4m to $22.9m.
The Singapore-listed company projected that significant pressure in shipping markets should be mitigated by its efforts to secure contract cover.
