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Alam Maritim sees Q1 profit more than triple

Alam Maritim sees Q1 profit more than triple
Malaysian offshore services provider Alam Maritim posted stellar first quarter results, with net profit more than tripling to MYR23.9m ($7.9m) from MYR7m previously on a big increase in operating margin derived from own vessels and higher share of results of jointly controlled entities, in line with higher average utilisation rate of chartered vessels, the company said in a stock market announcement.

Turnover rose 69% to MYR93.2m compared to MYR55.2m previously, with results from both the offshore support vessels (OSV) segment and the subsea services/offshore installation and construction (OIC) segment improving significantly from the previous year.

Quarter-on-quarter however, revenue slid 44% from the preceding quarter's MYR166.9m mainly due to significantly
lower revenue registered by subsea services/OIC segment.

The OSV segment gained from higher revenue derived from own and third party vessels, in line with a substantial improvement in the average vessel utilisation rate.

Revenue at the OSV segment more than doubled to MYR105.2m in the first quarter while sales at the OIC segment increased more than four times to MYR21.9m from the previous year.

Pre-tax profit at the OSV segment almost doubled to MYR16.9m on higher operating margins while the subsea services/OIC segment turned around to a pre-tax profit of MYR8.2m from a loss of MYR1.3m in the previous corresponding period.

TAGS: Offshore