Net profit during first quarter of financial year 2014 dipped 25% to SGD3.25m ($2.55m) compared to SGD4.49m in the previous corresponding period. This was due primarily to reduced operating income as well as an increase in finance cost to SGD2m from SGD300,000 a year earlier due to a draw down of its SGD50m loan facility.
Revenue during the quarter skyrocketed 99% year-on-year to SGD30.14m, contributed mainly by the group's ship chartering operations, particularly its offshore business.
“We are heartened by our revenue growth and operating performance for Q1FY2014, especially in relation to the strong showing of our offshore support vessels (OSVs),” said Sean Lee, ceo of Marco Polo Marine.
“The offshore oil and gas sector in the region continues to exhibit strengths as seen through the rising charter rates for exploration and production vessels as well as those supporting these vessels,” he said.
Lee added that the company continues to actively evaluate investment opportunities complementary to our existing offshore operations.
Marco Polo Marine highlighted that its shipbuilding and repair operations are expected to continue to be affected by keen competition from shipyards in the region. However the shipbuilder will remain engage with activities as it embarks on its new built programs, in particular mid-sized anchor handling tug supply (AHTS) vessels in excess of 8,000 bhp.
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