SINGAPORE (Yosefardi) – Marco Polo Marine Ltd recorded a revenue of S$17 million in the first quarter of 2016 (Q1FY2016), a decrease of 36% from that of S$26.6 million registered in Q1FY2015.
Relative to the corresponding reporting period of FY2015, the Ship Chartering Operations’ revenue of the Group decreased by 52% to S$6.4 million in Q1FY2016.
The share of results from jointly controlled companies reversed to a loss of S$1.2 million in Q1FY2016 from a profit of S$1.0 million in Q1FY2015.
The market conditions for the offshore and marine industries are expected to remain challenging for the foreseeable future, chiefly as a result of the continued slowdown in the global economy as well as weakness in oil prices due to supply glut.
The Group has taken proactive measures across the board to cut costs and improve efficiency with a view to rationalize its business structure and sustain its fleet utilization.
The Group, comprising Marco Polo Marine Ltd and its subsidiaries, principally engages in shipping and shipyard businesses, located in Batam, Indonesia.