Westshore Terminals Investment Corp

Latest Results (15.01.2025):

Revenue Decline

Westshore Terminals Investment Corp reported a decrease in revenue for the first quarter of 2024, with total revenue amounting to $84.8 million compared to $99.0 million in the same period of 2023. This decline was primarily due to a reduction in coal loading revenue, which fell by 10.7% to $79.8 million, reflecting a decrease in tonnage shipped.

Profit Reduction

The profit for Westshore Terminals Investment Corp in Q1 2024 was significantly lower than the previous year, totaling $15.2 million compared to $32.9 million in Q1 2023. This decrease in profit was attributed to lower revenues, increased operating and administrative expenses, and higher net finance costs.

Dividend Increase

Despite the decline in profit, Westshore Terminals Investment Corp declared higher dividends for the first quarter of 2024. The dividends declared per share increased to $0.725, up from $0.35 per share in the same quarter of the previous year, reflecting the company's commitment to returning value to shareholders.

Operating Expenses Rise

Operating and administrative expenses for Westshore Terminals Investment Corp increased by 11.9% in Q1 2024, reaching $59.3 million compared to $53.0 million in Q1 2023. The rise in expenses was due to inflation, maintenance activities, and costs associated with the potash project, as well as a non-recurring adjustment related to unionized labor costs.

Cash Flow Improvement

Westshore Terminals Investment Corp saw an improvement in cash flow from operations, which increased to $34.5 million in the first quarter of 2024 from $19.3 million in the same period of 2023. This increase was driven by changes in working capital and a significant payment received from BHP for the potash project.