Shortage in foreign currencies delay dividend payments

Delays in securing foreign exchange as a result of currency shortages in the country have postponed the dividend payment for Steamships Trading Company Limited to the members.

Steamships Trading Company Limited in a statement to Port Moresby Stock Exchange notified that the interim dividend payment of 2016 will not be effected on Sept 30, 2016 for non-PNG shareholders due to the mentioned reasons.

Currently due to Bank of Papua New Guinea exchange controls there is a large back log of currency purchase orders

However, it is anticipated that payment will be effected by Oct 10, 2016 on current conversion availability.

The Directors of Steamships Trading Company Limited (Steamships) have announced last month an unaudited profit after tax and minority interests of K43.5 million for the six months to June 2016, a decrease of K17.5 million or - 28.6% over the same period in 2015.

Adjusting for significant items the underlying profit attributable to shareholders decreased K1.7 million or -4% over the same period in 2015.

Freddy Mou