The integrated marine logistic company posted second quarter profit of SGD9.34m ($7.57m), a jump of 121% compared to SGD4.23m in the same period of 2012.
MPM said the net profit includes an exceptional item of SGD5.68m, being a remeasurement gain in connection with the disposal of the group's pre-transition equity interest in associated firm PT Pelayaran Nasional Bina Buana Raya Tbk (BBR).
Second quarter revenue for Singapore-listed MPM declined 31% year-on-year to SGD21.34m.
The company's shipbuilding and repair operations saw revenue decreased due mainly to fewer repair jobs and slower uptake in newbuild orders, but the ship chartering operations' revenue rose due chiefly to BBR following the transition.
“All our offshore supply vessels (OSVs) are being chartered out on a time charter basis at the moment,” said ceo Sean Lee, adding MPM is currently on a fleet expansion programme to build OSVs.
“A point worth noted is that Indonesia's offshore oil and gas sector is only at its nascent stage of development and is characterised by rapidly emerging demand and curtailed supply in part due to the cabotage principle,” Lee said.
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