Adsteam Considers Expansion

According to an Australian Associated Press report, maritime services company Adsteam Marine Ltd is considering expanding operations into Asia and mainland Europe as part of its growth strategy. The firm was now considering expanding its existing markets as well as looking at new acquisitions since restructuring the business over the last two and a half years, according to the report. Adsteam - which operates more than 200 tugboats, barges, workboats and launches - earlier told shareholders at its annual general meeting that it expects net profit to be in the range of $42 million to $46 million this year. Last year the firm booked a $38 million net profit after adjusting for new international accounting standards. The company said lower operating costs, lower interest charges and the introduction of the new accounting standards would boost its results. However, a slow startup of the UK Medway port project, the loss of the Coryton contract in the UK, and no hedge gains which were previously generated on the company's UK operating profits would partially offset some gains. Increased business development investment in Australia and depreciation would also weigh on this year's result. Source: AAP