Pan-United posts big jump in earningsYard News // August 16, 2006
Pan-United Marine shipyard in Singapore, a well known builder of offshore support vessels and a range of other vessels, has reported first half earnings that are four times higher than the year before. Interim net profit totalled more than S$31 million.
The shipbuilder says the improved results are due to improved margins, a healthier conversion and newbuilding orderbook, and a one-time gain on the sale of a livestock carrier. Revenue grew 44 per cent to S$153 million.
For the second quarter alone, profit more than doubled to S$9.4 million. Outstanding orders at June totalled S$431 million.
Going forward, Pan-United Marine is looking to improve its yard utilisation, particularly in the Indonesian island of Batam.