The Singapore-listed company recorded a 104% year-on-year surge in third quarter net profit to S$8.89m ($7.16m).
Revenue came short at S$14.4m, down 32% compared to S$21.18m in the same period of 2011. The sharp fall in revenue was blamed on the cancellation of a shipbuilding order which the group contracted in mid-2011 with its Indonesian associate, BBR.
“The shipyard operations of the group are expected to continue to drive the overall revenue of the group for the rest of financial year 2012,” Marco Polo said. “While newbuild orders of the group have moderated, the group has been encouraged by the increase in enquiries for ship repair, outfitting and conversion services.”
It also expects its offshore business to continue to spearhead the growth as charter rates have stabilised and are projected to remain stable in the foreseeable future.
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