The Singapore-listed company posted a first quarter net profit of $7.65m, down 24% compared to $10.13m in the same period of the last financial year. Excluding non-recurring items and gain from a vessel sale, this quarter's net profit was 15% higher than that of the previous corresponding quarter.
Revenue under review was down 24% year-on-year to $29.55m.
Venkatraman Sheshashayee, ceo of Jaya, said the company expects to maintain its charter utilisation at a healthy level for the second quarter of 2014.
“Against the backdrop of strengthening demand for specialised offshore support vessels and services due to deepwater drilling and the need to stimulate production from older shallow water fields, Jaya has seen both utilisation and day rates improve,” he said.
“Our strong chartering orderbook of $255m will provide a strong recurring and sustaining stream of revenue for the group. This is an increase of 30% compared to a year ago,” he added.
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