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Trencor's interim earnings of 318.1c a share

19 Aug 2013

Container group Trencor, which has a 48‚4% beneficiary holding in New York-listed Textainer Group‚ the world's largest lessor of marine containers‚ reported headline earnings per share of 318‚1c for the six months to June‚ up from 262‚3c in the same period last year

Neil Jowell‚ Trencor's executive chairman‚ said the company's adjusted headline earnings per share were 264‚5 cents per share, an increase of 3% on the 256,7c recorded last year. The figure excludes the effect of net unrealised foreign exchange gains and losses.

Trading profit after net financing costs‚ which is earned mainly in US dollars‚ increased by 29‚7% from R777m in 2012 to R1bn.

An interim dividend of 72c per share was declared. This follows the special gross dividend of 360c paid on 29 April.

Jowell said Trencor's net asset value per share was R69‚22. This value was based on the spot exchange rate of R9‚95/US$ and the price of US$38‚44 per Textainer share on the NYSE on 28 June.

He said Textainer's net profit for the six months‚ adjusted to conform with International Financial Reporting Standards‚ was US$100‚8m compared with last year's US$97‚3m.

Textainer's average fleet use for the six months had dropped marginally to 95‚1% from 97‚2% in the previous period. Textainer had bought new and used containers worth more than US$494m.

Total fleet under management was 2 860 000 TEU (twenty foot equivalent units) of which Textainer itself owned 74%. This compared with 60‚4% ownership of 2 615 000 TEU at the interim stage in 2012.

Jowell said Textainer and Trifleet Leasing (The Netherlands) B.V. had entered into an agreement under which Textainer will invest in new intermodal tank containers to be managed by Trifleet. Trifleet will acquire and lease the containers on behalf of Textainer‚ serving as its exclusive manager in the intermodal tank container market.

This marked Textainer's entry into the market for tank containers used for the transport and store liquid foodstuffs‚ chemicals and gases.

Source: I-Net Bridge

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