Sunday, April 18, 2021
Martin Hennecke
HKEx Stock Code : 02322 
Corporate Profile
Principally engaged in vessel chartering businesses.

Business Review - For the year ended March 31, 2013

The vessel chartering business experienced difficult time throughout the year as the world's overall macro-economic sentiment continues to be weaken by the financial instability in the Eurozone and economic slowdown of the United States. Despite of the increasing numbers of enquiry and quotation from potential customers, the Group only received a voyage order of US$1.9 million (approximately HK$14,800,000) from a customer during the year. However, when the Group was in preparation for rendering the services, it was noted that the control system of the Group's vessel m/v Asian Atlas (the ¡§Vessel¡¨) was out-of-order and severe problems were experienced when the Vessel was ballasted down and listed heavily to port. That voyage was on hold and the relevant contract was subsequently cancelled by that customer.

Later on, as a condition for renewal of the insurance cover for the Vessel, a survey report was issued by a surveyor appointed by the insurance company whereby it was stated that the corrosion of the Vessel was severe and the Vessel was recommended not to be used for semisubmersible purposes.

The management of the Group has been in the process to figure out an appropriate solution to fix the problem of the Vessel. The Group is considering various options, such as repairing the Vessel for achieving semi-submersible purpose or having it applied for change its usage in general voyage chartering business or acquiring another vessel for replacement. As at the date of this announcement, the management has not fixed the plan yet.

The Group's financial position has been strengthen during the year. The Group will take appropriate strategy to enrich the sources of income from the vessel chartering business.

Business Outlook - For the year ended March 31, 2013

The Group is now actively identifying and exploring other investment and business opportunities to broaden its assets and revenue base. The Group will cautiously search for investment opportunities so as to produce a steady growth in the Group's long term performance.

Source: Noble Century (02322) Annual Results Announcement
Chairman Zheng Juhua Issued Capital (shares) 724M
Par Value HKD 0.05 Market Capitalisation (HKD) 293M
Register  Forget Password
Advanced Search
© 2021 The Standard, The Standard Newspapers Publishing Ltd.
Home | Business | Metro | Focus | Opinion | Markets | World | Sports | Entertainment | Monday Money | Property | Macau | Weekend