Written by The Edge
Wednesday, 11 August 2010 21:16
Catalist-listed SBI Offshore, the marine and offshore specialist, announced today net profit of US$0.4 million ($0.5 million) for the first six months of the financial period ended 30 June 2010 (1H2010), as the group continued to invest and grow its new design & manufacturing and contract engineering businesses.
SBI Offshore says its financial performance in 1H2010 was tested by the volatile market conditions as rig builders and owners remained cautious about committing to new orders in the wake of the Gulf of Mexico oil spill.
Group revenue declined 21.6% to US$4.7 million in 1H2010 from US$ 6.0 million for the first six months of the financial period ended 30 June 2009 (1H2009), largely due to lower commission income and fewer deliveries to customers. In tandem with the lower revenue, cost of sales declined 19.1%, from US$4.0 million in 1H2010 to US$3.2 million in 1H2009, while net profit decreased 71.3% from US$1.3 million in 1H2009 to US$0.38 million in 1H2010.
Dividend : S$0.002
