Net profit for the quarter rose slightly to MYR4.65m ($1.45m) compared to MYR4.31m in the same period of 2013.
Overall revenue, however, fell 51% year-on-year to MYR36.19m mainly due to lower earnings from the shipbuilding division as four offshore vessels were all completed in the previous quarter and delivered between October 2013 to February 2014.
The revenue from the ship charter division rose 53% year-on-year to MYR32.96m due to charter earnings from two hybrid PSVs which the group took delivery last year. The shipbuilding revenue, meanwhile, plunged to MYR3.23m compared to MYR29m a year ago.
Sealink said it has embarked on building more hybrid vessels or other vessels based on new shipbuilding requirements to meet the increased demand from the oil and gas industry.
“The oil and gas industry is getting more competitive and Sealink is confident of maintaining its market share in the oil and gas industry through the additions of new and larger vessels for the deepwater operations,” the company commented.
“With the new hook-up construction and commissioning jobs, offshore installation and enhanced oil recovery projects expected to come on stream, we believe that the demand and rates for the charter and sale of our marine OSVs will improve from those obtained in 2013,” it added.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
