[SINGAPORE] Marco Polo Marine on Friday (May 9) posted a 3.4 per cent year on year decline in H1 net profit to S$10.6 million, from S$11 million.
The results translate to earnings per share of S$0.0028, against S$0.0029 in the same period last year.
No dividend was declared for the half year, unchanged from the year before.
The integrated marine logistics company’s revenue also dipped 14.4 per cent year on year to S$52.7 million from S$61.6 million.
In particular, its shipyard segment revenue, from shipbuilding and repair operations, fell 28 per cent to S$20.7 million from S$28.7 million. This was mainly due to a lower capacity for third-party shipbuilding projects resulting from ongoing construction of a commissioning service operation vessel.
Revenue from its ship chartering segment declined 3 per cent to S$32 million from S$32.9 million, mainly due to a decrease in the rechartering of third-party vessels from Taiwan.
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Cash and cash equivalents of the group stands at S$45.6 million as at Mar 31.
Cost of sales narrowed by 21 per cent to S$31.1 million for the first half of FY2025 from S$39.4 million.
As for the company’s other operating income, it fell to S$2.2 million from S$2.5 million.
Administrative expenses came in at S$9 million for H1, up 10 per cent year on year from S$8.2 million. The increase was primarily attributed to staff costs going up by S$400,000, following an increase in headcount and wages across the group.
Despite persistent geopolitical tensions in the Taiwan Straits and South China Sea, as well as global trade uncertainty brought about by the new US administration, the company noted in a bourse filing that the offshore oil and gas industry continues to project a stable outlook due to supply constraints caused by prolonged underinvestment during previous market downturns.
“Our deliberate diversification into the renewable energy sector, alongside our established oil and gas business, has strengthened the group’s resilience and positioned us well to capitalise on opportunities, even in today’s dynamic geopolitical landscape,” said Sean Lee, chief executive of Marco Polo Marine.
Its shares closed flat at S$0.043 on Thursday.
