TAIWAN’s TS Lines has issued every company’s delight: a positive profit alert.
The carrier, which participates in two China-Australia services and operates a third ad hoc string, listed on the Hong Kong Stock Exchange in early November, raising HKD 491 million (USD 121 million) in its third attempt at an initial public offering.
In a notification issued yesterday TS Lines Limited informed shareholders and potential investors that “based on a preliminary assessment of the unaudited consolidated management accounts of the Group and information currently available to the Board, the Group is expected to record a profit attributable to the equity shareholders of the Company of not less than US$270.0 million for the ten months ended 31 October 2024, representing an increase of approximately 3700% as compared to the profit attributable to the equity shareholders of the Company of approximately US$7.1 million for the corresponding period in 2023.
“As a result, the Board expects that the Group will record a significant increase in profit attributable to the equity shareholders of the Company for the year ending 31 December 2024 as compared to the corresponding amount of approximately US$20.7 million for the year ended 31 December 2023,” TSL said.
The significant increase in profit for the first ten months of 2024 was mainly due to (i) higher freight rates mainly driven by the continued impacts on the supply from the Red Sea diversions; and (ii) increased shipping volume, partially attributable to the Group’s increased shipping capacity, it said.
The information “is only based on a preliminary assessment by the management of the Company with reference to the information currently available including the unaudited consolidated management accounts of the Group, which have not been reviewed or audited by the Company’s auditors and are subject to possible adjustments arising from further review.
The annual results of the Group for the financial year ending 31 December 2024 are expected to be published in March 2025.
TSL is rated as the 21st largest container line in Alphaliner’s Top 100, with a total TEU capacity of 110,018 TEU via 38 owned and 5 chartered ships, and with a further 7 on order.
