Jaya Holdings unveils latest financialsCompany News // August 29, 2012
Jaya Holdings Limited has reported consolidated revenue of US$82.2 million and net profit of US$43.8 million for the financial year ended 30 June 2012.
The groupís total revenue for the financial year under review was 17 per cent lower than the previous financial year. The decrease in revenue was mainly due to fewer
vessels sales during the year.
The Offshore Support Services Divisionís revenue rose 33 per cent to US$69.6 million and accounted for 85 per cent of group revenue. The improvement was due to higher charter utilization of 70 per cent for the year under review compared to 61 per cent for the previous financial year and a larger fleet of 28 vessels compared to 23 vessels a year ago.
Net profit for the division was US$31.1 million compared to US$46.8 million in the
previous financial year. The decrease was due mainly to lower vessel disposal gains
of US$7.2 million from four vessels compared to gains of US$35.5 million from the
disposal of five higher specifications vessels in the previous year.
The Offshore Engineering Services Division recorded significantly lower revenue of
US$12.6 million for the year under review as a result of fewer vessel sales; one vessel
was sold compared to three vessels previously.
As a result, net profit for the division was US$10.6 million compared to US$26.5 million in the previous financial year.
The groupís net profit for the financial year was US$43.8 million, a 33 pre cent decrease from US$65.0 million in the previous financial year. It included a write-back of impairment losses and a provision for cancellation/deferment costs of US$10.2 million.
In the previous financial year, there was a gain of US$11.1 million from the disposal of assets from Nantong shipyard.
Venkatraman Sheshashayee, Chief Executive Officer and Executive Director of Jaya, said: ďDespite challenging offshore market conditions and the uncertainty in the
global financial markets, the Jaya group of companies is continuing to build on its
order momentum this year, accumulating a charter contracts backlog of more than