Net profit for the six months period ended at A$27.6m ($29.4m), an increase of 35% from A$20.4m in the same period of 2010. Revenue during the period went up 44% year-on-year to A$193.1m.
The improved first half performance was largely driven by the Australian vessel operations as investment in additional vessels and the successful tendering and execution of a number of short term projects resulted in higher revenue and earnings.
MMA said utilisation was high across the fleet at 77%, particularly on the larger vessels.
“The Australian oil and gas market remains buoyant, driving demand for MMA's services and delivering strong earnings growth,” said Tony Howarth, chairman of MMA. “Competition however, continues to increase as international vessel operators move in to take advantage of strong activity in the region.”
MMA owns and operates over 30 vessels throughout Australia and internationally. The vessels include anchor handling tugs, barges, platform support vessels, accommodation vessels, multi-purpose survey vessels and harbour tugs.
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