Intercont (Cayman) Ltd. reports net income of $3.1 million for year ended June 30, 2024
Intercont (Cayman) Ltd. reported a net income of approximately $3.1 million for the year ended June 30, 2024, compared to a net income of $10.9 million for the year ended June 30, 2023. The change in other income (expenses) was primarily due to compensation related to a customer's early termination of a time charter contract in the year ended June 30, 2024. As of June 30, 2025, the Group held cash of about $5.6 million, with $5.5 million located in Singapore. Intercont was established on July 4, 2023, in the Cayman Islands as a holding company and conducts its main business through subsidiaries in Hong Kong, focusing on time charter service and vessel operations. The company and its subsidiaries in the Cayman Islands and British Virgin Islands are not subject to income or withholding tax under current local laws. The ability to pay dividends is dependent on retained earnings of the Hong Kong subsidiaries.
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