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Viking O&M sees Q1 profit jump on one-off gain

Viking O&M sees Q1 profit jump on one-off gain
Singapore’s Viking Offshore & Marine (Viking O&M) has recorded higher earnings in the first quarter of 2015 due mainly to a one-off gain.

Net profit for the quarter ended 31 March 2015 came up to SGD919,000 ($688,250), a jump from the gain of SGD279,000 seen in the same period of last year.

Revenue also improved 40% year-on-year to SGD21.43m, boosted mainly by a one-time other income gain of $997,000 from favourable exchange gains from the strengthening of the US dollar.

The increase in revenue was also due to the improved orderbook backlog carried forward from last year, spearheaded by the heating, ventilation, air-conditioning and refrigeration systems segment and winches business.

“The offshore and marine industry remains challenging amidst a backdrop of increasing margin pressures and intense competition. Despite the bottoming and gradual recovery of global oil prices, oil prices remain volatile and the continued subdued activity level and spending in the upstream businesses will invariably impact the industry and our customers,” Viking O&M commented.

“In view of the conditions of the offshore and marine industry, the group continues to exercise prudence when evaluating potential projects contracts. The early success of the chartering services which contributed revenue to the group since September 2014 alleviates margin pressure and the group intends to grow this business segment going forward,” it added.

TAGS: Offshore