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ttbanthony
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27-Nov-2021 13:20

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This boss never bathe, good results but poor timing
Like born wrong timing.
No chance, any uptick, just throw if have holdings.

This omnicron is real bad

Joelton ( Date: 27-Nov-2021 13:18) Posted:

Marco Polo Marine returns to profit for H2

MARCO Polo Marine MarcoPolo Marine: 5LY 0% reversed into the black for its half year ended Sep 30, 2021, driven by growth from both its ship chartering and shipbuilding and repair operations segments, the integrated marine logistics company said in a bourse filing on Friday (Nov 26).

Its unaudited interim financial statement showed earnings for the six months stood at S$8.8 million, reversing from a net loss of S$8.5 million posted the same period a year ago.

Revenue for H2 FY2021 grew 103.3 per cent to S$25 million from the same period a year ago.

This was driven by an 189 per cent increase in revenue from its ship chartering operations for that period to S$10.7 million, as the group managed to achieve a higher average utilisation rate for tugboats and barges, as well as offshore support vessels.

During the period, Marco Polo' s ship building and repair side of the business also drew in 68 per cent more revenue, to S$14.3 million, mainly due to the construction of 2 smart fish farms and an increase in the volume of ship repair during the year.

The rise in revenue for both ship chartering and shipyard operations and an improvement in gross profit margin from ship chartering operations pulled up the company' s gross profit margin to 28 per cent, from 8 per cent over the corresponding half-year period.

Its other operating income rose to S$6.9 million, from S$900,000 over the same period a year ago, owing to a S$6.3 million gain on the disposal of property, plant and equipment.

Meanwhile, Macro Polo said the group stopped recognising the share of results from its joint venture (JV) Pelayaran Nasional Bina Buana Raya in the current year since the losses to be recognised exceeded the company' s cost of investment in the JV.

With that, the share of profits from jointly controlled companies in H2 FY2021 swung back to the black at S$200,000, from a S$1.8 million loss a year ago, mainly due to the share of profits in another JV, Pelayaran Era.

The latest set of H2 financials brings Marco Polo' s full-year net profit to S$14.8 million, compared to a net loss of S$9.2 million a year ago. Its FY2021 revenue was up 49 per cent on-year to S$46.1 million from S$30.8 million the previous year.

The results translate to earnings per share of 0.42 Singapore cent for FY2021, against loss per share of 0.26 Singapore cent.

No dividend has been declared or recommended for the financial year ended Sep 30, 2021.

Marco Polo said that while the outlook for the offshore marine industry remains challenging, it is positive about its long-term growth as its " management has taken steps to capitalise" on opportunities seen in certain business segments.

Sean Lee, Macro Polo' s chief executive officer, revealed that the group is working on expanding into the renewable energy sector and extending beyond its target markets to diversify its source of revenue.

" While we have to be mindful of the overall recovery globally, we are optimistic about the momentum ahead," he said.

Macro Polo said opportunities in its ship chartering business include supporting the booming offshore wind farm market.

Meanwhile, the utilisation of its fleet of tugboats and barges is expected to continue to improve as construction activities in Singapore picks up pace, it added.

Macro Polo said further updates on its business and operations will come on Dec 1.

Useful To Me Not Useful To Me

Joelton
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27-Nov-2021 13:18

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