|Higher bunker prices help push up Hanwa's overseas revenue|
|Segment income jumped 210 percent in Q2.
|Image credit: Keith Dodrill / Unsplash|
|Updated on 12 Nov 2018 13:35 GMT
|Japan's Hanwa reports that revenue generated by its overseas sales subsidiaries increased partly due to higher bunker prices during the firm's second financial quarter (Q2), which runs between July and September.
In Q2, Hanwa's international subsidiaries recorded a year-on-year (YoY) revenue increase of JPY 39.79bn ($350m), or 35.9 percent, to JPY 150.64bn ($1.3bn), whilst segment income climbed 210 percent from JPY 217m ($1.9m) to JPY 673m ($5.9m).
In addition to rising marine fuel prices, Hanwa also cited increased sales of metal scrap in Singapore and steel in Indonesia, as well as improved profitability for its US steel business, as other reasons for the YoY improvement.
Tokyo-headquartered Hanwa has a bunker trading office in Singapore and, according to its website, also has marine fuel traders based at its offices in Beijing, Ho Chi Minh City, London, Mumbai, New York, Seoul and Vladivostok.
Overall, Hanwa's total Q2 revenue grew YoY by JPY 179.8bn, or 21 percent, to JPY 1,056.9bn ($9.3bn). Gross profit was up JPY 4.3bn, or 13 percent, to JPY 37.9bn ($333m), whilst net income declined by JPY 2.4bn, or 28 percent, to JPY 6.3bn ($55.3m).