Pan United Corp's profits dropped 24.1%

Check out what to blame.

According to Phillip Securities Research, Pan United Corp's PATMI was down 24.1%y-y due to 2q12 boosted by oneoff $2.2m vessel disposal gain and 2q13 having a $2.2m one-off trade receivable impairment.

Here's more:

Revenue was up 4.5%y-y, mainly due to Basic Building Materials while Port & Logistics is seeing a flat year as fees were kept constant despite volumes rising 5.5%y-y.Shipping revenues were flat.

Management guides BBM to pick up even more going into 2H13. On the other hand, we have moderated our expectations for CXP in view of the lack of port-fee increases.

But as the acquisition is expected to complete by end 3q13, about a quarter’s worth of earnings, $1.5m,would largely offset to bring contributions from CXP to $10.2m from $7.6m last full year.