Jaya group increases profit despite shipbuilding loss

The profit is an improvement on FY2012's $43.8m, helped by an increase in average daily charter revenue from $10,485 to $13,624.

The year's revenue is a 145% jump on last year's, which the company attributes to increased vessel sales and improved charter utilisation.

For the group's offshore support services division, utilisation improved from 70% to 80% and day rates have benefited from expansion into more complex projects in West Africa, India and the Middle East.

Venkatraman Sheshashayee, ceo and executive director of Jaya commented, "fourth quarter utilisation rebounded strongly to a record 91%, Jaya's highest ever. We are pleased that our redoubled efforts to put our vessels to work on term charters have paid off, with many of the new charters on higher rates."

The offshore engineering division made a $5m loss for the year, despite upping revenue by 665% to $96m and delivering and selling three vessels compared to 2012's single unit.

The company's outlook is positive, citing solid energy demand as a driver behind their industry, and its own expansion into Latin America.

"Our planned expansion into new markets, with Jaya's first state-of-the-art deepwater PSV Jaya Valour commencing a long term charter immediately on delivery, and MPMAV Jaya Privilege being awarded a long term charter in Latin America, are clearly bearing fruit," explained Sheshashayee.

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