Net profit in the first half ended 30 June 2015 was recorded at SGD1.09m ($789,600), a big increase compared to the profit of SGD368,000 posted in the same period of last year.
Revenue also climbed 36% year-on-year to SGD43.01m due mainly to the orderbook backlog carried forward from last year in the heating ventilation, air-conditioning and refrigeration systems segment.
Viking O&M said the offshore and marine industry remains challenging amidst a backdrop of increasing margin pressures and intense competition. Oil prices remain volatile and the continued subdued activity level and spending in the upstream businesses had and continue to impact the industry.
“The group remains wary of potential delays to existing projects and slowdown in potential projects, which are inherent challenges as a result of the current climate,” the company stated.
“During the financial period, the group has experienced delays in existing projects and backlogs. Correspondingly, sales order intake during the period was weaker compared to the prior year,” it said.
The company added that it continues to be on the lookout for opportunities to acquire earnings-accretive offshore and marine and related assets, which offer a recurring revenue stream, as part of its efforts to enhance its asset portfolio and diversify revenue mix to weather the current downturn.
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