Jasa Merin parent Silk Holdings Bhd announced that its Oil and Gas Division, which continued to be the group’s main source of revenue and operating profit, recorded revenue for its FY13 third quarter of MYR74.4m slightly lower than MYR76m recorded in Q3 FY12.
However, pre-tax profit plunged by almost half to MYR7.4m compared to MYR12.6m previously due to lower fleet utilisation as some vessels had scheduled drydockings and repairs, as well as higher depreciation and finance costs arising from the fleet expansion programme. The group managed to almost maintain revenue levels despite this as they were helped by strengthening charter rates.
Sequentially, the division's revenue also fell 7% to MYR74.4m from MYR80.1m in the preceding quarter.
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