Singapore-listed Sinwa recorded a second quarter net profit of S$1.18m ($947,800), up 62.6% from S$724,000 in the same period of last year.
Revenue also rose 9.8% year-on-year to S$34.64m.
“The business outlook for the marine sector remains gloomy. Despite the challenging operating environment, we managed to register a modest growth in our group revenue, which is mainly due to the revenue from the newly established engineering business unit and a slight growth in the group's core marine supply business,” Sinwa said.
“Our newly established engineering business unit continues to be impacted by the slow down in our area of business in the marine segment and the higher operating costs for foreign workers,” it added.
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