Singapore Shipping Corporation Ltd
SGX:S19
Income Statement
Earnings Waterfall
Singapore Shipping Corporation Ltd
Income Statement
Singapore Shipping Corporation Ltd
| Mar-2003 | Jun-2003 | Sep-2003 | Dec-2003 | Mar-2004 | Jun-2004 | Sep-2004 | Dec-2004 | Mar-2005 | Jun-2005 | Sep-2005 | Dec-2005 | Mar-2006 | Jun-2006 | Sep-2006 | Dec-2006 | Mar-2007 | Jun-2007 | Sep-2007 | Dec-2007 | Mar-2008 | Jun-2008 | Sep-2008 | Dec-2008 | Mar-2009 | Jun-2009 | Sep-2009 | Dec-2009 | Mar-2010 | Jun-2010 | Sep-2010 | Dec-2010 | Mar-2011 | Jun-2011 | Sep-2011 | Dec-2011 | Mar-2012 | Jun-2012 | Sep-2012 | Dec-2012 | Mar-2013 | Jun-2013 | Sep-2013 | Dec-2013 | Mar-2014 | Jun-2014 | Sep-2014 | Dec-2014 | Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Mar-2020 | Sep-2020 | Mar-2021 | Sep-2021 | Mar-2022 | Sep-2022 | Mar-2023 | Sep-2023 | Mar-2024 | Sep-2024 | Mar-2025 | Sep-2025 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Expense |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
1
|
0
|
0
|
0
|
1
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
2
|
0
|
0
|
2
|
0
|
2
|
0
|
1
|
0
|
1
|
0
|
1
|
0
|
0
|
0
|
|
| Revenue |
39
N/A
|
42
+8%
|
44
+6%
|
48
+8%
|
49
+2%
|
52
+7%
|
56
+7%
|
40
-29%
|
60
+50%
|
28
-52%
|
17
-39%
|
25
+46%
|
22
-13%
|
19
-15%
|
18
-3%
|
18
-3%
|
15
-17%
|
13
-14%
|
11
-15%
|
9
-19%
|
9
-1%
|
8
-3%
|
8
-2%
|
8
0%
|
8
+1%
|
8
+3%
|
9
+2%
|
9
+3%
|
8
-9%
|
9
+16%
|
11
+21%
|
13
+15%
|
16
+22%
|
16
+0%
|
17
+6%
|
18
+5%
|
20
+12%
|
20
+1%
|
20
N/A
|
20
+0%
|
20
0%
|
24
+21%
|
28
+15%
|
31
+13%
|
34
+10%
|
33
-5%
|
32
-1%
|
33
+2%
|
35
+6%
|
38
+10%
|
41
+9%
|
44
+6%
|
45
+2%
|
42
-7%
|
42
+0%
|
41
-3%
|
43
+6%
|
44
+2%
|
44
-1%
|
45
+3%
|
46
+2%
|
47
+1%
|
47
+2%
|
47
0%
|
48
+2%
|
83
+72%
|
94
+13%
|
47
-50%
|
45
-4%
|
42
-6%
|
44
+6%
|
46
+3%
|
46
0%
|
47
+3%
|
47
-1%
|
45
-3%
|
48
+5%
|
49
+1%
|
49
+0%
|
|
| Gross Profit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cost of Revenue |
(16)
|
(18)
|
(19)
|
(20)
|
(20)
|
(21)
|
(23)
|
(13)
|
(22)
|
(5)
|
0
|
(5)
|
(5)
|
(4)
|
(3)
|
(3)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(3)
|
(3)
|
(3)
|
(4)
|
(4)
|
(4)
|
(4)
|
(7)
|
(9)
|
(12)
|
(14)
|
(13)
|
(13)
|
(14)
|
(13)
|
(14)
|
(14)
|
(14)
|
(13)
|
(13)
|
(13)
|
(12)
|
(12)
|
(13)
|
(12)
|
(13)
|
(13)
|
(13)
|
(14)
|
(15)
|
(15)
|
(25)
|
(28)
|
(14)
|
(12)
|
(10)
|
(12)
|
(14)
|
(13)
|
(14)
|
(14)
|
(14)
|
(16)
|
(15)
|
(13)
|
|
| Gross Profit |
23
N/A
|
24
+6%
|
26
+5%
|
28
+7%
|
28
+2%
|
31
+9%
|
33
+8%
|
27
-20%
|
38
+41%
|
24
-37%
|
18
-25%
|
21
+17%
|
17
-17%
|
15
-15%
|
15
+0%
|
14
-4%
|
12
-14%
|
10
-16%
|
9
-17%
|
7
-21%
|
6
-5%
|
6
-6%
|
6
-5%
|
6
-2%
|
6
+6%
|
6
+6%
|
7
+5%
|
7
+5%
|
6
-8%
|
7
+16%
|
9
+25%
|
11
+18%
|
13
+21%
|
13
+0%
|
14
+5%
|
15
+5%
|
16
+11%
|
16
+1%
|
16
-1%
|
16
0%
|
16
0%
|
17
+7%
|
19
+7%
|
20
+6%
|
20
+2%
|
19
-4%
|
19
-2%
|
19
+3%
|
21
+11%
|
24
+15%
|
28
+13%
|
30
+9%
|
32
+5%
|
29
-10%
|
29
+0%
|
29
-1%
|
31
+10%
|
32
+2%
|
32
+0%
|
33
+2%
|
33
+2%
|
33
+1%
|
33
+0%
|
33
-2%
|
33
+2%
|
58
+73%
|
66
+14%
|
33
-50%
|
32
-2%
|
32
-2%
|
32
+2%
|
32
-1%
|
32
+1%
|
34
+4%
|
33
-1%
|
32
-5%
|
32
+1%
|
34
+5%
|
36
+6%
|
|
| Operating Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Expenses |
(19)
|
(20)
|
(22)
|
(23)
|
(23)
|
(22)
|
(23)
|
(16)
|
(24)
|
(14)
|
(12)
|
(15)
|
(13)
|
(12)
|
(12)
|
(12)
|
(10)
|
(9)
|
(4)
|
(6)
|
(5)
|
(5)
|
(5)
|
(5)
|
(6)
|
(6)
|
(5)
|
(5)
|
(6)
|
(6)
|
(6)
|
(8)
|
(8)
|
(8)
|
(8)
|
(8)
|
(10)
|
(9)
|
(8)
|
(9)
|
(9)
|
(9)
|
(11)
|
(11)
|
(12)
|
(10)
|
(11)
|
(11)
|
(13)
|
(15)
|
(16)
|
(18)
|
(19)
|
(19)
|
(20)
|
(20)
|
(20)
|
(20)
|
(20)
|
(20)
|
(20)
|
(20)
|
(20)
|
(21)
|
(21)
|
(37)
|
(43)
|
(22)
|
(21)
|
(21)
|
(22)
|
(21)
|
(22)
|
(23)
|
(24)
|
(24)
|
(24)
|
(24)
|
(24)
|
|
| Selling, General & Administrative |
(13)
|
(14)
|
(15)
|
(16)
|
(16)
|
(16)
|
(17)
|
(12)
|
(18)
|
(11)
|
(10)
|
(13)
|
(12)
|
(12)
|
(11)
|
(11)
|
(9)
|
(7)
|
(5)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(5)
|
(5)
|
(5)
|
(5)
|
(5)
|
(5)
|
(6)
|
(7)
|
(7)
|
(8)
|
(8)
|
(8)
|
(8)
|
(9)
|
(10)
|
(10)
|
(11)
|
(12)
|
(12)
|
(13)
|
(13)
|
(12)
|
(11)
|
(11)
|
(11)
|
(11)
|
(12)
|
(12)
|
(12)
|
(13)
|
(22)
|
(25)
|
(13)
|
(11)
|
(12)
|
(13)
|
(13)
|
(13)
|
(14)
|
(14)
|
(14)
|
(14)
|
(14)
|
(15)
|
|
| Depreciation & Amortization |
(7)
|
(7)
|
(7)
|
(7)
|
(7)
|
(7)
|
(7)
|
(5)
|
(6)
|
(4)
|
(3)
|
(3)
|
(2)
|
(1)
|
(1)
|
(1)
|
(2)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(3)
|
(3)
|
(4)
|
(3)
|
(3)
|
(3)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(3)
|
(3)
|
(3)
|
(3)
|
(4)
|
(5)
|
(5)
|
(6)
|
(7)
|
(7)
|
(7)
|
(7)
|
(7)
|
(7)
|
(7)
|
(8)
|
(8)
|
(8)
|
(8)
|
(8)
|
(8)
|
(14)
|
(16)
|
(8)
|
(8)
|
(8)
|
(8)
|
(8)
|
(8)
|
(8)
|
(8)
|
(8)
|
(8)
|
(8)
|
(8)
|
|
| Other Operating Expenses |
1
|
1
|
0
|
0
|
0
|
(0)
|
(0)
|
0
|
(0)
|
0
|
1
|
0
|
1
|
0
|
0
|
0
|
0
|
(0)
|
3
|
(1)
|
(0)
|
(1)
|
(1)
|
0
|
(1)
|
0
|
0
|
0
|
(1)
|
0
|
0
|
(1)
|
(1)
|
(0)
|
(0)
|
(0)
|
(1)
|
(1)
|
1
|
1
|
1
|
1
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(1)
|
(1)
|
(1)
|
(0)
|
(0)
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(0)
|
(0)
|
(1)
|
(1)
|
(2)
|
(1)
|
(1)
|
(1)
|
(1)
|
(0)
|
(1)
|
(1)
|
(2)
|
(2)
|
(1)
|
(1)
|
(2)
|
|
| Operating Income |
4
N/A
|
4
-4%
|
4
-4%
|
4
+12%
|
5
+14%
|
8
+70%
|
10
+24%
|
10
-1%
|
14
+33%
|
10
-30%
|
6
-38%
|
6
-7%
|
4
-34%
|
2
-39%
|
3
+35%
|
3
-17%
|
2
-29%
|
2
-11%
|
5
+206%
|
1
-75%
|
1
+14%
|
1
-41%
|
0
-69%
|
1
+265%
|
(0)
N/A
|
1
N/A
|
1
+64%
|
2
+28%
|
1
-52%
|
2
+155%
|
3
+56%
|
3
+8%
|
5
+52%
|
6
+15%
|
6
+8%
|
7
+10%
|
7
+2%
|
7
+3%
|
8
+13%
|
8
-3%
|
7
-5%
|
8
+8%
|
8
-1%
|
8
+10%
|
8
-1%
|
9
+7%
|
8
-9%
|
9
+4%
|
8
-2%
|
9
+13%
|
11
+20%
|
12
+11%
|
13
+3%
|
9
-28%
|
9
-6%
|
8
-7%
|
11
+40%
|
12
+9%
|
12
+0%
|
13
+3%
|
13
+5%
|
13
-3%
|
13
+1%
|
12
-8%
|
12
-1%
|
20
+72%
|
23
+11%
|
11
-51%
|
12
+7%
|
11
-9%
|
10
-3%
|
11
+4%
|
10
-6%
|
10
+2%
|
10
-5%
|
8
-19%
|
8
-3%
|
10
+25%
|
12
+19%
|
|
| Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Income Expense |
2
|
1
|
1
|
1
|
2
|
3
|
3
|
3
|
4
|
3
|
3
|
3
|
3
|
4
|
4
|
3
|
3
|
3
|
4
|
4
|
1
|
1
|
(3)
|
(6)
|
(3)
|
(3)
|
(1)
|
2
|
2
|
1
|
1
|
1
|
0
|
1
|
(1)
|
(1)
|
(1)
|
(1)
|
0
|
0
|
(0)
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
(0)
|
0
|
1
|
(0)
|
(1)
|
(2)
|
(3)
|
(3)
|
(4)
|
(3)
|
(3)
|
(3)
|
(3)
|
(3)
|
(3)
|
(2)
|
(2)
|
(2)
|
(2)
|
(3)
|
(3)
|
(2)
|
(1)
|
(0)
|
(1)
|
(1)
|
(2)
|
1
|
2
|
1
|
5
|
2
|
2
|
|
| Non-Reccuring Items |
3
|
3
|
3
|
1
|
1
|
0
|
0
|
0
|
0
|
25
|
41
|
41
|
45
|
20
|
4
|
7
|
4
|
3
|
0
|
0
|
0
|
0
|
0
|
0
|
1
|
0
|
0
|
(0)
|
1
|
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
1
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
| Total Other Income |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(1)
|
0
|
(1)
|
(1)
|
(2)
|
(2)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(0)
|
(0)
|
(0)
|
(0)
|
(1)
|
(0)
|
(1)
|
(1)
|
(1)
|
(0)
|
(1)
|
(1)
|
(0)
|
(0)
|
(1)
|
(1)
|
(1)
|
(0)
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(2)
|
(1)
|
(1)
|
0
|
(1)
|
(1)
|
(1)
|
0
|
(1)
|
(1)
|
(1)
|
0
|
(1)
|
(1)
|
(1)
|
0
|
(1)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
| Pre-Tax Income |
9
N/A
|
8
-5%
|
8
-3%
|
6
-27%
|
8
+27%
|
11
+45%
|
13
+21%
|
13
N/A
|
18
+35%
|
37
+106%
|
50
+35%
|
50
0%
|
52
+3%
|
26
-49%
|
11
-60%
|
13
+17%
|
9
-31%
|
8
-5%
|
9
+8%
|
5
-39%
|
2
-61%
|
1
-33%
|
(3)
N/A
|
(5)
-86%
|
(2)
+50%
|
(3)
-5%
|
0
N/A
|
4
+1 439%
|
3
-20%
|
2
-12%
|
4
+46%
|
4
+15%
|
6
+35%
|
6
+8%
|
5
-14%
|
5
N/A
|
6
+17%
|
6
+0%
|
8
+31%
|
8
-3%
|
7
-12%
|
8
+10%
|
7
-6%
|
8
+8%
|
9
+13%
|
8
-2%
|
8
-6%
|
9
+11%
|
9
+1%
|
9
+2%
|
10
+15%
|
11
+1%
|
10
-10%
|
6
-37%
|
5
-15%
|
5
-1%
|
9
+68%
|
10
+11%
|
10
+1%
|
10
-1%
|
10
+10%
|
11
+2%
|
11
+3%
|
10
-9%
|
10
+4%
|
17
+68%
|
20
+13%
|
9
-53%
|
10
+14%
|
10
-1%
|
9
-8%
|
10
+4%
|
9
-12%
|
12
+34%
|
12
+3%
|
9
-23%
|
12
+35%
|
11
-8%
|
13
+17%
|
|
| Net Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tax Provision |
(0)
|
(0)
|
(0)
|
(0)
|
0
|
0
|
0
|
0
|
(1)
|
(0)
|
(0)
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
(0)
|
(0)
|
(0)
|
(0)
|
0
|
1
|
1
|
1
|
0
|
0
|
(0)
|
0
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
(0)
|
0
|
(0)
|
0
|
0
|
(0)
|
(0)
|
0
|
0
|
0
|
0
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
0
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
0
|
0
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
|
| Income from Continuing Operations |
8
|
8
|
8
|
6
|
8
|
11
|
14
|
14
|
18
|
37
|
50
|
50
|
51
|
25
|
10
|
12
|
8
|
8
|
9
|
5
|
3
|
2
|
(2)
|
(4)
|
(2)
|
(3)
|
0
|
4
|
3
|
3
|
4
|
4
|
6
|
6
|
5
|
5
|
6
|
6
|
8
|
8
|
7
|
8
|
7
|
7
|
9
|
8
|
8
|
9
|
9
|
9
|
11
|
11
|
10
|
6
|
5
|
5
|
9
|
10
|
10
|
9
|
10
|
11
|
11
|
10
|
10
|
17
|
20
|
9
|
10
|
10
|
9
|
10
|
9
|
12
|
12
|
9
|
12
|
11
|
13
|
|
| Income to Minority Interest |
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
0
|
0
|
0
|
(0)
|
(0)
|
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
| Net Income (Common) |
8
N/A
|
8
-4%
|
8
-1%
|
6
-29%
|
8
+38%
|
11
+45%
|
14
+23%
|
14
+7%
|
18
+22%
|
39
+121%
|
53
+35%
|
52
-1%
|
52
+0%
|
26
-49%
|
10
-62%
|
12
+15%
|
8
-28%
|
8
-6%
|
9
+9%
|
5
-38%
|
3
-52%
|
2
-19%
|
(2)
N/A
|
(4)
-122%
|
(2)
+44%
|
(3)
-7%
|
0
N/A
|
4
+1 610%
|
3
-20%
|
3
-12%
|
4
+45%
|
4
+13%
|
6
+35%
|
6
+8%
|
5
-14%
|
5
N/A
|
6
+17%
|
6
+0%
|
8
+31%
|
8
-3%
|
7
-12%
|
8
+10%
|
7
-7%
|
7
+6%
|
9
+15%
|
8
-2%
|
8
-5%
|
9
+12%
|
9
-1%
|
9
+2%
|
11
+15%
|
11
+1%
|
10
-10%
|
6
-37%
|
5
-16%
|
5
-1%
|
9
+68%
|
10
+11%
|
10
+1%
|
9
-1%
|
10
+10%
|
11
+2%
|
11
+3%
|
10
-10%
|
10
+4%
|
17
+68%
|
20
+13%
|
9
-53%
|
10
+14%
|
10
-2%
|
9
-8%
|
10
+4%
|
9
-12%
|
12
+34%
|
12
+3%
|
9
-23%
|
12
+35%
|
11
-8%
|
13
+17%
|
|
| EPS (Diluted) |
0.02
N/A
|
0.01
-50%
|
0.01
N/A
|
0
N/A
|
0.02
N/A
|
0.02
N/A
|
0.03
+50%
|
0.03
N/A
|
0.04
+33%
|
0.08
+100%
|
0.11
+38%
|
0.11
N/A
|
0.12
+9%
|
0.05
-58%
|
0.01
-80%
|
0.02
+100%
|
0.02
N/A
|
0.01
-50%
|
0.01
N/A
|
0
N/A
|
0.01
N/A
|
0
N/A
|
-0.01
N/A
|
-0.01
N/A
|
-0.01
N/A
|
-0.01
N/A
|
0
N/A
|
0
N/A
|
0.01
N/A
|
0
N/A
|
0
N/A
|
0
N/A
|
0.01
N/A
|
0
N/A
|
0
N/A
|
0
N/A
|
0.01
N/A
|
0
N/A
|
0.01
N/A
|
0.01
N/A
|
0.02
+100%
|
0.01
-50%
|
0.01
N/A
|
0.01
N/A
|
0.02
+100%
|
0.02
N/A
|
0.01
-50%
|
0.02
+100%
|
0.02
N/A
|
0.02
N/A
|
0.03
+50%
|
0.03
N/A
|
0.02
-33%
|
0.02
N/A
|
0.02
N/A
|
0.02
N/A
|
0.02
N/A
|
0.03
+50%
|
0.03
N/A
|
0.03
N/A
|
0.02
-33%
|
0.04
+100%
|
0.04
N/A
|
0.03
-25%
|
0.02
-33%
|
0.04
+100%
|
0.05
+25%
|
0.02
-60%
|
0.03
+50%
|
0.03
N/A
|
0.02
-33%
|
0.02
N/A
|
0.02
N/A
|
0.03
+50%
|
0.03
N/A
|
0.02
-33%
|
0.03
+50%
|
0.03
N/A
|
0.03
N/A
|
|