SINGAPORE (Yosefardi) – ASL Marine Holdings Ltd., an integrated marine company offering comprehensive services in shipbuilding, shiprepair and conversion, shipchartering and dredging engineering, reported revenue of S$190.4 million and net profit attributable to shareholders of S$7.8 million for the three months ended 31 December 2013 (2QFY2014).
The profit declined 26.4% while revenue jumped 129.5%. The company’s administration expense soared 131% to S$8.26 million, from previous S$3.57 million.
ASL Marine’s revenue continued its growth momentum, surging 129.5% year-on-year (yoy) to S$190.4 million for 2QFY2014. The strong growth was led by significant contributions from the shipbuilding segment, shiprepair and conversion segment, as well as engineering segment, slightly moderated by the shipchartering segment.
The shipbuilding segment recorded revenue of S$95.4 million in 2QFY2014, an increase of 91.0% over S$49.9 million in 2QFY2013, mainly due to progressive revenue recognition of a dredger, and more units of offshore support vessels (“OSVs”) under construction.
For the shipchartering segment, revenue declined 19.4% to S$18.0 million following the partial disposal of 24% effective interest in PT Capitol Nusantara Indonesia (PT CNI) in 3QFY2013, partially mitigated by higher income from newly acquired AHTS and ROV support vessel.
Had there be no disposal of the 24% effective interest in PT CNI in last year, revenue from the shipchartering segment would have grown 2.8% in 2QFY2014.
ASL Marine owns and operates shipyards in Singapore, Batam (Indonesia) and Guangdong (China), providing a comprehensive range of marine engineering services spanning myriad sectors/ industries. The Group’s 300,000 dwt graving dry dock in Batam is one of the few docks in the region capable of repairing Capesize vessels.
It has a young fleet of about 177 vessels comprising barges, towing tugs, Anchor Handling Tugs, Anchor Handling Towing/ Supply vessels and other vessels for its shipchartering operation.