CH Offshore recorded a 59.5% year-on-year increase in net profit to $11.26m from $7.06m a year ago.
Revenue during the quarter, however, dropped 8.7% to $12.63m from $13.83m a year earlier. “The lower revenue is primarily due to reduced fleet size as one vessel was sold in the last quarter of the previous financial year and another was sold in the current third quarter of 2012,” the Singapore-listed firm said.
CH Offshore expects the current offshore support vessel (OSV) market to improve and it is looking out for viable asset acquisition.
It added that the group may be affected by the expiry of long term contracts of two vessels in the next 12 months. “The management will endeavour to re-deploy the vessels,” it said.
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