ASL Marine unveils latest financials - revenues from offshore vessels fallsCompany News // May 15, 2014
ASL Marine Holdings, a shipbuilding, shiprepair and conversion specialist, has reported revenues of S$144.8 million and net profit attributable to shareholders of S$5.6 million for the three months ended 31 March 2014.
ASL Marine’s revenue remained stable at S$144.8 million for the third quarter of FY2014. The group recorded growth in the shiprepair and conversion, and engineering segment, which was offset by the shipbuilding and shipchartering segment.
Revenue from the shipbuilding segment fell 12.4 per cent year-on-year to S$85.2
million in the third quarter of 2014. This was attributed to the lower revenue recognized from construction of offshore support vessels during the quarter as the construction of most of the OSVs are nearing completion. It was offset by higher revenue recognized from the construction of dredger and barges together with the revenue from an additional two tugs.
Gross profit for the shipbuilding segment was reported at S$1.1 million, with gross profit margin of 1.3 per cent. This was mainly due to the delay in the completion of construction of three OSVs, of which the margins have been suppressed due to additional subcontractors’ costs, additional working capital and provisions for liquidated damages.
Revenue from the shiprepair and conversion segment more than doubled to S$25.8 million in the quarter, from S$11.1 million in the same quarter in the previous year.