Net profit in the quarter ended 30 June 2014 dived 69% year-on-year to SGD1.34m ($1.08m), while revenue dipped 6% to SGD26.86m.
Singapore-listed Marco Polo said the lower third quarter earnings stemmed from lower utilisation of the group’s fleet of tugboats and barges as well as OSVs, and the lower rates charged by three dry docks in the handling of repair and upgrading jobs.
“With regard to the group’s shipbuilding and repair operations, the group is expected to continue to face keen competition from shipyards in the region,” Marco Polo said.
“However, the group’s new shipbuilding program focusing on the building of mid-sized OSVs, even though the program caters mainly to internal demands, continues to keep the group’s shipyard occupied for the next 12 months,” it added.
On its rig building project, Marco Polo remains active in the lookout for potential partners to complement its resources and expertise for its eventual rig chartering operations. Marco Polo’s yard is presently building an oil rig slated for delivery in November 2015.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
