ASL Marine first half profit plunges 65%

Net profit attributable to equity holders plunged by 64.9% to SGD2.49m ($1.75m) from SGD7.07m.

First half revenue, however, grew by 2.7% year-on-year to SGD180.36m, thanks to higher contributions from the ship repair and conversion, ship chartering and engineering businesses.

“Despite the recent stabilisation of oil prices, we do not foresee the operating environment for our businesses improving significantly in the next 12 months. The demand for shipbuilding and ship chartering remain weak and price sensitive and the credit tightening in the industry continue to be a challenge for many industry players,” said Ang Kok Tian, chairman, managing director and ceo of ASL Marine.

ASL Marine’s financial restructuring plan that engaged shareholders, noteholders, banks and other business partners have made progress, with the maturity extension of over SGD150m notes issued pursuant to a SGD500m multicurrency debt issuance programme.

As at 31 December 2016, the group had an outstanding shipbuilding orderbook of approximately SGD146m for the construction of 17 vessels with progressive deliveries up to fourth quarter of its FY2018. The orderbook comprises of OSVs, harbour tugs, barges and tankers.