Profit in the quarter ended 30 June 2014 dipped 1.5% year-on-year to $3.59m. Revenue remained stable at $12.37m during the quarter.
However, Singapore-listed Atlantic Navigation saw its first half profit rose 19.8% to $6.62m on the back of revenue growth, largely drive by the marine logistics services segment.
Atlantic Navigation sees a strong demand base for its marine logistics services underpinned by high levels of investment in offshore energy and production.
The group is also continuing to explore strategic opportunities in new markets, and has a 90% equity interest in a Ghanaian subsidiary, established in May 2014, which is actively working with potential new clients in West Africa.
The group took delivery of a new multipurpose OSV in June, and has two additional vessels under construction, namely a PSV scheduled for delivery in the second quarter of 2015 and a self-propelled self-elevating liftboat expected in the first quarter of 2016.
“The vessels we are acquiring will enable us to better serve the needs of current and potential clients, and this is also supported by our business development efforts, where we are actively pursuing opportunities beyond the Middle East,” said Wong Siew Cheong, executive chairman and ceo of Atlantic Navigation.
The group currently owns, operates and charters a fleet of 14 OSVs primarily in the Middle East, India and Africa.
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