Pan-United Corp suffers $2.2m loss in shipping business

Its construction business is also going through challenging times.

Singapore-listed Pan-United Corporation’s (PUC) shipping division posted a S$2.2m loss in 1H16, amid weak regional demand resulting in lower vessel utilisation.

OCBC Investment Research also sees no respite from its other businesses.

Established in 1958, PUC has three core business segments namely Basic Building Resources (BBR) division,
Port division, and Shipping division.

OCBC notes that while PUC’s BBR business has more than 30% market share in Singapore as a supplier of ready-mixed concrete (RMC) and cement, its outlook remains challenging amid slowdown in construction activity in Singapore.

For its port business, PUC owns and manages two adjacent ports along the Yangtze River in Changshu, Jiangsu Province,
China.

Lastly, PUC’s shipping business specialises in the transportation of bulk cargoes (e.g. gypsum, sand and aggregates etc.) in Asia with
a fleet of tugboats and barges.