Written by The Edge
Mainboard-listed Marco Polo Marine, the integrated marine logistic group, says the group recorded a 39% increase in revenue from $15.8 million in 3Q FY2009 to $22.0 million in 3Q FY2010 due to improved performance from both ship chartering and shipyard operations.
The increase also contributed to 9M FY2010 revenue growth of 24% to $49.5 million. For the 9-month period, ship chartering revenue rose 46% to $26.5 million as the group expanded its operating fleet size from 46 to 60 (excluding the 24 vessels co-owned with Glencore International under MPST Marine Pte Ltd). Revenue from shipyard operations gained 6% to $23 million mainly due to higher ship repair activities following the full operations of the two dry docks from the beginning of FY2010.
In 9M FY2010, gains on disposal of 8 tugboats and 8 barges by the group as well as the completion and deliveries of 2 AHTS vessels boosted other operating income significantly. In addition, contribution from jointly-controlled entities jumped more than six-fold from $0.9 million in 9M FY2009 to $5.9 million in 9M FY2010 assisted by gains on disposal of 24 vessels as well as better business performance.
As a result, net profit attributable to shareholders almost doubled from $8.2 million in 9M FY2009 to $16.3 million in 9M FY2010. As for 3Q FY2010, the group registered net profit of $4.1 million, an increase of 9% over the previous corresponding period.
Going forward, the group remains optimistic of its prospects as the strong pick-up in business activities in the South East Asian region has generated firm demand for shipping and shipping related activities.
Dividend : None
