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Marco Polo Marine more than doubles Q1 profit

Marco Polo Marine more than doubles Q1 profit
Offshore services firm Marco Polo Marine has more than doubled its net profit in the first quarter over the previous corresponding period despite a fall in revenue.

First quarter profit for the financial year ending 30 September 2015 was recorded at SGD7.41m ($5.44m), a surge of 128% compared to SGD3.25m in the same period of the previous financial year.

Revenue, however, fell 12% year-on-year to SGD26.61m due mainly to the sale of its stake in PT Pelayaran Nasional Bina Buana Raya (BBR), lower utilisation of tug boat and barge fleet, and the transitional deployment of one OSV after a change in charterers.

Looking ahead, Marco Polo Marine expects its offshore ship chartering operations to continue to spearhead its growth as evident by recent charters that the group has secured in January this year.

With regards to the one rig it has under construction, Marco Polo Marine continues to monitor the construction progress as well as market conditions.

“Amidst the general weakness of oil prices and cut-back on exploration work by operators, a softening in market daily charter rates for jack-up rigs is expected,” the company said.

“The group has commenced pre-marketing efforts and remains active on the lookout for potential partners to complement its resources and expertise for its eventual rig chartering operations.”

TAGS: Offshore