HO CHI MINH CITY, Vietnam, June 7, 2012 (GLOBE NEWSWIRE) -- Trai Thien USA (OTC Markets:TRTH) today highlighted key financial figures from its recent year-end 2011 statements. Year-end 2011 revenues increased over 20.9% compared to the previous fiscal year, from $12,232,991 in 2010 to $14,794,939 in 2011. Income from Operations increased over 148% from 2010 to 2011, from $1,051,543 to $2,615,000. Net Income increased from a loss of $539,452 in fiscal 2010 to a positive $1,377,391 in 2011. The Company operates a 21,990 DWT fleet of six geared bulk vessels specialized in providing ocean transportation services for raw material input items such as coal and ore throughout Southeast Asia.
Trai Thien USA management noted that first quarter 2012 trade between China and the ASEAN nations increased 9.2% year-over-year. That compares with a 2.6% gain in trade between China and the U.S. and a 1.6% decline in trade between China and the EU. Trai Thien is located at the geographic centre of ASEAN and is well-placed to capture increasing market share in a rapidly growing market.
Anticipated Growth
Because of growing market demand for Trai Thien's services, the Company has made deposits for building six additional new vessels with a capacity of 7,600 DWT each, to supplement the services of its existing six vessels. TRTH expects delivery of the first three ships in the second half of 2012. The remaining three vessels are expected in 2013.
With its expansion plan, assuming future financing, Trai Thien's total capacity is expected to significantly increase to nearly 52,390 DWT by the end of 2012, then exceeding 67,000 DWT by the end of 2013. Given the larger size and young age of its cargo ships, the Company believes that it can further distance itself from locally-owned and foreign-owned competitors in Vietnam and within greater Southeast Asia. Although there can be no assurance that the Company will be able to obtain sufficient funds to meet its new vessel financing obligations on a timely basis, as of 12/31/2011, the Company is required to make aggregate future minimum payments of $46,703,915 to the shipyards over the next 18 months.
Disclaimer: Except for historical information contained herein, the statements in this news release are forward-looking statements 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 SEC. 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.