Zaguomaitie fill the hole long voyage phoenix sell assets deficiency Fertilizer
Source: Internet
Author: User
KeywordsLong Voyage Phoenix
The company's share price has been added to the profits advance. Recently, in the intensive disclosure of listed companies in the annual report, some companies due to the announcement of the performance of the announcement, its share price will rise, the Long Voyage Phoenix (000520) is one of them. According to the recent disclosure of performance forecasts, the company finally ended two years of losses, successfully achieved 20 million ~2500 million net profit. But, most of them are through the demolition compensation, the sale of assets and other "zaguomaitie" way to fill the huge loss "hole" to achieve. If this part of the non-recurrent income is removed, Phoenix's performance last year remains precarious. Performance advance to help push the stock price recently, a lot of performance advance stock market trend is very strong. To the Phoenix for example, February 9 released without the audit performance notice said, benefited from the coastal transport market rebound, 2010, the company is expected to achieve 20 million ~2500 million, and 2009 the same period, the net loss of nearly 410 million yuan. The company said that last year, the operation of ocean shipping to increase the efficiency of the company also disposed of some of the waste, inefficient ship assets, and received part of the financial refund and relocation of compensation, thereby increasing the non-operating income. By the performance of the stimulus, long voyage Phoenix in yesterday's early plate will seal the trading board, and to 5.60 Yuan closed. However, long voyage Phoenix soaring net profit, most are from the demolition compensation, government subsidies and other non-recurrent gains and losses. According to the announcement, last year, Long voyage Phoenix has received the relocation compensation 40 million yuan, the financial return paragraph 11.9087 million yuan. Among them, long air Phoenix at the end of last year to receive more than a pier base related facilities such as the relocation of compensation funds as high as 30 million yuan. Reporter equivalent to the Phoenix last year's non-recurrent profit and loss, relocation compensation, financial return and other non-recurrent income of about 52 million yuan. And according to the performance forecast, Long voyage Phoenix's performance only to increase 20 million ~2500 million. If the company's non-recurrent income is deducted, then the long voyage Phoenix last year is a deficit rather than a surplus. Rather than sell the ship or "ST" in fact, the sale of assets through the "virtual increase" income is the long voyage Phoenix's usual "tricks." Last October, because of fear of the Beatles wearing caps, long voyage Phoenix sold assets such as ships. In a huge loss of the long voyage Phoenix October 14 on the disclosure, the company sold 128 ships and 5 auxiliary ships a total of 133 ships, trading access to assets sold 110.28 million yuan, to achieve a profit of 95.52 million yuan. Long voyage Phoenix said, the company disposed of assets for idle assets and close to mandatory end-of-life of the waste ship, asset disposal is conducive to activating the stock assets, conducive to the optimization of the company's capacity structure. Although the assets disposal proceeds were included in the company's quarterly report in 2010, the company still lost 52.67 million yuan in the first three quarters due to the continuing downturn in the water transport market. The Phoenix's performance in the last two years is not optimistic. The results show that the company lost as much as $409.77 million in 2009, compared with 200873.9782 million yuan net profit, 2009 company's performance fell 653.91%. In the first three quarters of last year, Phoenix's performance was not "to force", the first three quarters have lost 52.6779 million yuan. Compared to other listed companies in the port transport plate, the Phoenix's performance is also in jeopardy, and nearly as a result of the "Beatles with caps." It is reported that long air Phoenix main domestic coastal, inland river ordinary cargo ships and container liner feeder transport. From last year's three quarterly bulletin, and Long Airlines Phoenix main business similar to Ningbo Sea (600798), China Sea Development (600026), the performance than the Phoenix are more than the long voyage. Among them, in the first three quarters of last year, Ningbo Seaborne realized net profit of up to 44.5233 million yuan, turned nearly 5.3 times times; In addition, the Sino-Sea development period net profit of 1.457 billion yuan, also has nearly 61% growth rate. The price fluctuation affects the nerves last year industry recession big environmental influence, long aviation Phoenix also not spared. In the third quarter of last year, Phoenix's operating income year-on-year and quarter-on-quarter growth of 32.14% and 11.49% respectively, to achieve gross profit margin-7.36%, the chain down 26.48%, 3-quarter to achieve EPS-0.064 yuan. Research shows that the decline in corporate performance is mainly due to the decline in the price of transport main business. In addition, the Inland River business volume drop is more obvious, the company 3 quarters of the inland Coal and ore volume (main customers) fell 7.14% and 17.31% respectively, the freight rate is basically maintained. For the long voyage of the Phoenix industry decline in successive years of performance, the study shows that the volume price of the fall, the loss of quarterly expansion caused. During the reporting period in 2009, the company achieved EPS-0.048,-0.097,-0.164, 0.298, respectively, each quarter, and the loss margin increased by quarter. In addition, the company completed 63.01 million tons of freight volume, the year-on-year decrease of 11.85%, freight turnover of 42.974 billion tons, 12.48% year-on-year reduction, the company's income decline in addition to the reduction in freight volume, the year-on-year decline in tariffs is also an important reason. This year the development of shipping transport, but also to see the ups and downs of freight. The study of Changjiang Securities predicts that the new supply and new demand of the consolidation industry in 2011 will be in balance, and the supply and demand relationship would be the best in several sub industries. In addition, in the future, the characteristics of the whole cycle convergence of shipping industry are weakened, and the characteristic of sub industry cycle differentiation appears gradually. The research also believes that the shipping companies in the past, the trend of capital market performance is the same as the rise and fall, due to the differentiation of freight rates, the future shipping company share price performance will be differentiated.
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