Steamships profit up on hotel demand

STEAMSHIPS Trading has posted an after-tax profit of 116.4 million kina (A$44.4 million) for the year ended December 31, 2010.

This compares to a 2009 profit of 96.6 million kina.

In full-year financial report, the company said its sales of 775.3 million kina were an increase of 56.3% over 2009 sales, which came in at 406 million kina.

The figures include Steamships' equity-accounted share of associate's results, including Consort and Datec which, in first-half 2009 were reported as associate companies.

Steamships' capital expenditure for 2010 was 190.2 million kina, as opposed to 195.4 million kina in 2009.

This was below budget due to delays in building projects, but the projects are on track for completion this year.

The company said its hotels, property and shipping divisions had a solid year due to strong demand.

Demand for hotel accommodation remained strong and, with the completion of the Gateway and Ela Beach Hotel projects in Port Moresby, Steamships expects to add to the profitability of the Coral Sea Hotels group this year.

Ongoing developments for this year would also see the opening of the 160-room Grand Papua Hotel in Port Moresby and 20 additional rooms at the Highlander Hotel in Mount Hagen.

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