Alam Maritim makes a full year profitAlam Maritim makes a full year profit

Net profit for the Kuala Lumpur-listed offshore services provider came up to MYR79.97m ($24.39m) in the year ended 31 December 2013, up 37.2% from MYR58.27m in 2012.

The profitability of offshore support vessel segment improved primarily due to significant increased in operating margin derived from its own vessels and higher average utilisation rate of chartered vessels.

Alam Maritim recorded a revenue of MYR432.88m, down 13.8% year-on-year due to no major contract from offshore installation and construction segment.

“The (offshore) industry is expected to remain robust, involving substantial capital spending by oil majors and thus providing significant cash flows and potential earnings to the group,” Alam Maritim said.

“However, concerns regarding the continued slowdown of some European economies, coupled with weak global economic growth and the threat of rising interest rates remain,” it added.