ASL Marine’s FY2013 Earnings Surge 40%
- Group revenue increased 19.0% to S$465.4 million due to higher contributions from shipbuilding, shipchartering and engineering segments
- Gross profit margin improved across all business segments, taking gross profit 47.0% higher to S$83.6 million
- Healthy outstanding order book for shipbuilding segment of S$370 million and long term shipchartering contracts worth S$74 million supports sturdy outlook
- Cash dividend of 2.0 Singapore cents per share recommended for FY2013
ASL Marine Holdings Ltd., an integrated marine company offering comprehensive services in shipbuilding, shiprepair and conversion, shipchartering and dredging engineering, reported revenue of S$465.4 million and net profit attributable to shareholders of S$45.3 million for the full year ended 30 June 2013 (FY2013).
"Sustained oil prices and an increasing focus on deepwater oil fields have supported the growth in global oil and gas exploration and production expenditures. This development is expected to be positive for the Group’s shipbuilding and shipchartering segment, as it supports newbuild demand for offshore support vessels and healthy charter rates. Indeed, our Batam yards are expected to benefit from Indonesia’s cabotage law and high level of activities, while large LNG fields in Australia will also spur demand for offshore support vessels.
While we are mindful of competition from Chinese yards venturing into the offshore and marine space, we believe that the situation may be negated with the Chinese government’s moves to consolidate their shipbuilding sector. With our established track record, we are confident of our competitive edge within the offshore marine shipbuilding sector.
The group reported that it concluded FY2013 with a strong set of results, and have recommended 2cents per share in dividends as a token of appreciation for the loyal support of our shareholders. Prospects for the dredging industry are supported in the medium to long term. The group will continue to focus on the smooth integration of the Vosta LMG group, and on scaling up technical capabilities in all business segments to maintain our strong performance in order to enhance shareholders’ value.”