ST Marine, an arm of ST Engineering, recorded a third quarter net profit of SGD25.73m ($20.69m), up 8.4% compared to SGD23.74m in the same period of last year.
The company added that during the third quarter, there was an impairment of SGD23.7m for ropax resulting from the prolonged softness of the shipping market in Europe, partially offset by write-back of provision for warranties of SGD14.4m no longer required.
Revenue during the period was registered at SGD295.91m, an increase of 25.4% year-on-year.
“Barring unforeseen circumstances, revenue and profit before tax for financial year 2013 are expected to be higher than financial year 2012,” ST Marine said in a regulatory filing to the Singapore Exchange.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
