Marco Polo Marine saw its quarterly profit plunge 52% year-on-year to SGD4.28m ($3.39m) due largely to fewer ship repair jobs and slower uptake of newbuild orders.
Revenue rose strongly by 98% year-on-year to SGD28.59m due to a one-off gain recognised in the third quarter in connection with the cancellation of a shipbuilding agreement for an amount of SGD9.3m.
Sean Lee, ceo of Marco Polo Marine, noted that due to the subdued global economic outlook, the group's shipbuilding and repair operations are likely to continue to slow down.
“We expect the offshore business of the group's ship chartering operations to continue to spearhead the growth of the group,” Lee said.
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