1 Jun 2006

PNG's Steamships company posts record profit

11:10 am on 1 June 2006

Papua New Guinea's Steamships Trading Ltd has just posted a record profit last year that has sent its share price to record highs.

The National reports the company's improved outlook extended to the Australian Stock Exchange where its share price last Friday hit a record high of 5.23 US dollars.

Company shares have also enjoyed a spectacular rise following the election of the Somare Government in August 2002 rising from a low of 79 cents in October 2002 to

3 US dollars and 42 US cents by June last year.