The Singapore-listed firm is working to leverage on its current network based to entrench themselves deeper in Australia, as major oil and gas projects have started, according to Ang Kok Tian, managing director at ASL.
“We believe in the latent potential of the demand streaming from both Australia and Indonesia. Marine transportation continues to be important for oil and coal related customers in Indonesia. Cabotage rule is in full implementation now and I believe ASL Marine will be well-positioned to benefit from the increasing demand,” Ang said.
The challenging market has slashed ASL's earnings in the second quarter of financial year 2012.
The company, principally engaged in shipbuilding, ship repair and conversion, ship chartering and other marine related services, posted net profit of S$7.6m ($6.1m), down 24% year-on-year.
Revenue for the quarter was S$77.4m, a drop of 25% compared to the same period of 2010. The decrease was due mainly to lower revenue contribution from both shipbuilding and ship repair and conversion business segments.
ASL has a shipbuilding orderbook of S$553m to-date and owns a fleet of 39 vessels including offshore support vessels, anchor handling towing/supply vessels, self-propelled cutter suction dredgers, tugs and barges.
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