The marine arm of ST Engineering recorded a 3% year-on-year rise in net profit to S$91.5m ($73m) in 2011. Revenue fell 16% to S$877m from S$1.05bn in 2010.
The lower shipbuilding revenue was due mainly to the reversal of sales that resulted from the roll-on/roll-off passenger ferry contract termination.
However, ship repair revenue increased by S$66m due to buoyant activities and engineering revenue increased S$5m due mainly to sales from environmental engineering business.
“Despite difficult market conditions, the marine sector is able to delivery comparable profits. The marine sector's focus on the offshore oil and gas activities had yielded contracts for 12 offshore supply vessels in 2011,” said Ng Sing Chan, president of ST Marine.
ST Marine expects revenue for the financial year 2012 to be higher while profit before tax is expected to be comparable to that of 2011 at S$121.8m.
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