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Pan-United pumps up profits

Singapore:  Shipbuilder and repairer Pan-United Marine Limited reported a doubling of profits for the second quarter ended June 30, and a quadrupling for the first half. Pre-tax quarterly profit was S$12.9m, up 103% year-on-year, on turnover 30% ahead at S$78.9m, while first-half pre-tax profit was $S31.2m, a massive 313% increase on the S$7.5m of H1 2005, on turnover up 44% at S$152.6m. Shiprepair and conversion revenue for the half was a healthy S$68.2m ( 36%), thanks to higher repairs in the first quarter followed by ongoing work in the second on re-activation of drillship Neptune Discoverer plus conversion of two general cargo vessels into self-discharging cement carriers. Shipbuilding turnover was even further (54%) ahead at S$83.8m with three new deliveries during the half plus work in progress on eight other projects, compared to two and six respectively a year before. [14/08/06]

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