Jinhui’s net profit down 84 percent

In the fourth quarter of 2008, the dry bulk market was heavily hit when lending banks cut back on trade finances and industry players contracted their spending in all aspects.

Jinhui Shipping and Transportation, Hong Kong, reported a dismal end to 2008.

Jinhui's turnover for the quarter was US$105.5 million representing an increase of seven percent over the last corresponding quarter. Nevertheless, the net profit for the quarter dropped by 84 percent to US$10.6 million when compared with US$67.8 million for the last corresponding quarter.

Basic earnings per share for the quarter was US$0.1262 whereas US$0.8076 was reported in the last corresponding quarter.

Jinhui said that 2008 was a challenging year in the dry bulk market marked with unprecedented highs and lows in the Baltic Dry Index and a global economic downturn.

"We were not immune to the changing sentiment towards the marine transportation sector caused by the global economic turmoil," said a statement issued by the company.