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Profits up 41% in 2014 for ship supplier Sinwa

Profits up 41% in 2014 for ship supplier Sinwa
Singapore ship supplier Sinwa Group reported a 41% jump in net profit in 2014 to SGD9.16m ($6.71m) which it credited to focus on its core business.

The Singapore-listed company’s revenues were SGD154.29m up 10.7% compared to 2013.

“We took a series of strategic actions to streamline our business model and focused on our core strengths of offshore, marine supply and logistics capabilities,” said Bruce Rann ceo of Sinwa.

Looking ahead Sinwa plans to pursue growth opportunities in Asia-Pacific despite difficult times for ahead for both the shipping and offshore marine industries.

“The overcapacity in the shipping industry and weak demand has depressed freight rates, and the shipping market may not improve in the short term,” Rann explained.

“Also, as a number of offshore projects move from construction to production phase in Australia, and clients become increasingly prudent on their expenditures as oil prices stay low, the offshore business will not be immune from the market downturn either.”