In its 2013 full year results announcement, Marco Polo said it expects the offshore business of its ship chartering operations to continue to spearhead its growth for the next 12 months.
In its financial year ended 30 September 2013, Singapore-listed Marco Polo recorded a net profit of SGD22.34m ($17.83m), up 5% compared to SGD21.34m in the previous financial year.
Revenue rose 4% year-on-year to SGD93.54m due mainly to the group's ship chartering operations on strong demand for offshore support vessels (OSVs) in the Asian region.
“We are encouraged by our financial performance achieved for FY2013. Attained amidst subdued market environment, the results nonetheless culminated in record revenue and profit levels for FY2013,” said Sean Lee Yun Feng, ceo of Marco Polo.
“Underpinning the laudable performance are two key factors which I believe will continue to propel us forward. The first is having the ability to take advantage of the cabotage principles being enforced in Indonesia through BBR, and the other being the ability to ride on the present thriving offshore oil and gas exploration and production sector in the region,” Lee added.
PT Pelayaran Nasional Buana Bina Raya TBK (BBR), a subsidiary of Marco Polo, is listed on the Indonesian Stock Exchange.
Marco Polo has also established a SGD300m multicurrency medium term note programme with a maiden SGD50m tapped in October to fund further expansion plans for the group.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
