Penguin International’s revenue rises 21 per centCompany News // May 20, 2010
Penguin International Limited, the integrated marine and offshore services group with interests in shipbuilding, shipowning and ship operating, posted a 21.3 per cent year-on-year rise in revenue to S$21.7 million for the three months ended 31 March 2010.
Gross profit in the first quarter of 2010 rose 30.5 per cent to S$7.5 million, boosted by a greater contribution from Penguin’s higher-value vessel chartering activities. Its gross profit margin improved from 32.2 per cent in 1Q09 to 34.7 per cent.
However, net profit attributable to shareholders fell to S$0.8 million, due largely to foreign exchange losses in versus foreign exchange gains in the corresponding period last year.
The revenue growth was buoyed by higher shipbuilding and chartering revenue, and partially offset by a decrease in bunkering sales. In the latest quarter, shipbuilding and
chartering accounted for 30 per cent and 64 per cent of Group revenue respectively, versus 25 per cent and 67 per cent respectively in the first quarter of 2009.
The rise in shipbuilding revenue came from increased progressive revenue recognition
from the construction of three Fast Supply Intervention Vessels (FSIV) and two Safety
Standby Rescue Vessels (SSRV).
James Tham, Penguin’s Managing Director, said: “Setting aside the forex impact, our
first quarter results in 2010 are within our expectations, with improved revenue and gross
profit from our key operating units. We will continue to focus on our core shipbuilding and chartering businesses. Our quality of earnings remains strong and this underscores the strength of our fundamentals.”
Looking ahead, the Group expects to secure new shipbuilding contracts and charters,
particularly from customers operating in the offshore oil and gas sector.