Net profit in the quarter ended 30 June 2013 rose to $3.7m, a rise of 53.1% from $2.42m recorded in the corresponding period of last year.
Revenue for the Singapore-listed company increased 24.4% year-on-year to $12.32m.
The company's ship repair, fabrication and other marine services business, however, registered a 60.5% year-on-year drop in revenue mainly due to the completion of a long term project.
Atlantic Navigation said it will continue to take advantage of opportunities within the Middle East where offshore exploration and production continue to be supported by stable oil prices.
“The group is working on adding new vessels to its fleet to meet the strong demand from its clients,” it said.
“However, the group remains wary of potential pressures on charter rates due to new capacity coming on-stream from other vessel owners, as well as reduced take-up of projects for its ship repair, fabrication and marine services.”
UAE-based Atlantic Navigation owns, operates and charters a fleet of offshore support vessels primarily in the Middle East and India.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
