The Singapore-listed company registered a net profit of S$2,000 ($1,600) in the first quarter compared to a net profit of S$11.4m in the same period of last year.
Revenue during the quarter fell 17% year-on-year to S$16.1m.
“The decrease was due mainly to lower shipbuilding revenue, which was partially offset by an increase in ship repair, bunkering and chartering activities,” Penguin said in a statement.
“In 2Q2012, the group will roll out the first of its next generation of mid-sized crewboats. Dubbed the Flex-38, this 'green crewboat' is more fuel efficient than its conventional peers, and offers higher carrying capacities for passengers and cargo.”
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