Trai Thien USA Outlines Strategic Vision to Continue Income Growth
HO CHI MINH CITY, Vietnam, Oct. 11, 2011 /PRNewswire/ -- Trai Thien USA (OTC Markets: TRTH) management today discussed the company's success in increasing its income from operations for the recently filed second quarter 2011. Early in 2011, Trai Thien took advantage of a favorable credit environment by realizing a sale and then utilizing a leasing-back arrangement for two dry bulk carriers. As a result of this move, income from operations increased strongly from a loss of $5,282 in the second quarter 2010 to a positive $504,842 in the second quarter 2011. Income from operations for the first half of 2011 increased to $1,401,832 as compared to $250,052 in the same period 2010, an increase of 460%.
Trai Thien USA management commented, "Combined with our much improved quarterly revenue growth, which grew seven percent to $3,829,013 as compared to 2010, and net income, which grew from a loss of $537,304 to a positive $348,763 compared to the second quarter of 2010, a key Trai Thien objective of maintaining high fleet utilization rates has also translated to an overall improvement in the Company's financial health. Going forward, we've positioned the Company strategically to benefit from anticipated Southeast Asian cargo shipping market growth."
The Q2 2011 filing can be viewed at: http://www.otcmarkets.com/stock/TRTH/financials
About Trai Thien USA
Trai Thien USA is a fast-growing Vietnam-based dry bulk shipping company operating a 21,990 DWT fleet comprised of six geared bulk vessels specialized in providing ocean transportation services for raw material input items such as coal, ore, grain, lumber, cement, steel and fertilizer throughout the Southeast Asia region. In order to meet anticipated continued growth in demand from an expanding base of overseas and domestic Vietnamese customers, as well as to expand the geographic regions that it can service to include potentially more profitable routes in East and South Asia, Trai Thien has made deposits to acquire six larger 7600 DWT capacity new-buildings, which depending on the company's ability to meet additional capital resource requirements, are expected to be delivered in 2012.
Safe Harbor Statement: Under The Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results, performance and achievement in the future to differ materially from forecasted results, performance, and achievement. These risks and uncertainties are described in the Company's periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectation.
CONTACT: Jacob Nguyen of ProPublic Media, +1-310-740-3236, for Trai Thien USA
SOURCE Trai Thien USA
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