Net profit for the Singapore-based company dipped marginally by 1.5% year-on-year to $33.28m.
“The group is able to maintain this level of profit due to lower operating costs, lower depreciation expenses, absence of financial costs and a significant increase in the contributions from its associated companies,” CH Offshore said.
The Singapore-listed company registered a bigger drop in revenue to $51.51m, down 12% from $58.55m. Revenue was mainly affected by the reduced fleet size due to the sale of three vessels to its Indonesian associated company during financial year 2011 and one vessel in the financial year just ended.
“In the next 12 months, the group may be affected by the expiry of long term contracts of two vessels as per our announcements released on 25 April 2012 and 6 July 2012. The management will endeavour to redeploy the vessels,” CH Offshore said.
“Although the OSV market remains challenging, demand for the offshore supply vessels is improving,” it added.
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