ES Group, which builds, converts and repairs tugs, barges, rigs offshore support vessels, oil tankers and cargo ships, posted first half net profit of S$2.8m ($2.2m) compared to S$1.9m in the same period of 2011.
Revenue, however, dipped 1.6% year-on-year to S$23.2m due to a general slowdown in business leading to fewer projects from its newbuilding and conversion segment.
The Singapore-listed company has proposed an interim dividend of 0.2 Singapore cents per share, representing 10.1% of net profit.
On the outlook, ES Group's ceo Christopher Low said: Against the global economic situation, the offshore and marine sector remains stable. The group will continue to explore opportunities to focus on building, repair, upgrading and converting higher value add vessels for the offshore and marine sectors to take advantage of this growing demand.”
Low added that the company remains on the lookout for opportunities to expand its core business while exploring possible mergers and acquisitions.
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