PanUnited

PanUnited: 3Q13 net profit of $12.3m (+6% y/y) and revenue was stable at $184.1m. This was achieved on the back of a 11% decline in staff cost, which mitigated the 25% surge in finance costs. On a 9M13 basis, group recorded a net profit of $32.6m (-5%) and revenue of $541.1m (+2%), driven primarily by its basic building resources and port division, but partly reduced by lower trading activities from the shipping division. The decline in bottom line for the nine months was due to a $2.2m provision for doubtful debt made in 2Q13 and the lack of a vessel disposal gain of $2.2m recorded in 2Q12. Excluding the one-off items, the group's net profit would be 8% higher y/y.