Jaya Reports $46.1 Million Full Year Net Profit

Wednesday, August 14, 2013
Jaya Valour (Photo: Jaya)

Jaya Holdings Limited reported consolidated revenue of $201.8 million and net profit of $46.1 million for the financial year ended 30 June 2013.

The group’s total revenue for the financial year under review was $201.8 million, 145% higher than the previous financial year. The increase in the group’s revenue was due to increased vessel sales and improved charter utilization. The Offshore Support Services (OSS) Division’s higher revenue for the financial year under review was due to improved utilization of 80% compared to 70% a year ago. Also, higher day rates have flowed from the expansion of our geographical presence beyond Asia to West Africa, India and the Middle East and Jaya’s vessels taking on more complex works in these markets.

Offshore Engineering Services (OES) Division’s revenue has also increased as the OES Division delivered and sold three vessels, including a state of the art ice class 16,000 bhp anchor handling tug and supply vessel, compared to one vessel sold in FY2012.
The group’s net profit for the financial year under review was $46.1 million, compared to $43.8 million in the previous financial year. The increase in net profit was mainly attributable to improved charter utilization as well as higher average daily charter revenue of $13,624/day vs. $10,485/day in the previous financial year. As at June 30, 2013, the equity attributable to equity holders was $540.4 million compared to $498.2 million as at June 30, 2012. The group is in a net cash position with cash and cash equivalents of $173.3 million and gross debt of $114.4 million.

Venkatraman Sheshashayee, Chief Executive Officer and Executive Director of Jaya said, “Fourth quarter utilization rebounded strongly to a record 91%, Jaya’s highest ever. We are pleased that our redoubled efforts to put our vessels to work on term charters have paid off, with many of the new charters on higher rates.”

Industry fundamentals remain solid, with demand for energy, and thus for oil and gas, continuing to rise, especially in emerging markets. Buoyant demand and stable oil prices are conducive to rising levels of exploration and production activity, which drive demand for offshore vessels.

In June 2013, the group announced it had secured charter contracts of more than $60 million for three of its new platform supply vessels. The charters of two of these vessels mark Jaya’s entrance into the booming Latin American market and are in line with the group’s market growth and geographical diversification strategies. In the same month, the group also announced it had signed an agreement to sell a new state-of-the-art anchor handling tug supply vessel, Jaya Sovereign, to Canadian buyers, Atlantic Towing Limited. The vessel’s delivery is expected by the end of 2013. The group has also secured a charter contract for a period of up to three years for its multipurpose maintenance and accommodation vessel, Jaya Privilege, which is under construction.

The group has a strong charter order book of $255 million (up from $195 million a year ago) which provides it with a recurring stream of revenue. Commenting on the results, Mr. Sheshashayee said, “Jaya is continuing to drive the new strategic roadmap that the group put in place in 2012. We are continuing to invest in our people and processes and in strengthening our internal efficiencies.

Our planned expansion into new markets, with Jaya’s first state-of-the-art deep-water PSV Jaya Valour commencing a long term charter immediately on delivery, and MPMAV Jaya Privilege being awarded a long term charter in Latin America, are clearly bearing fruit. We are listening to and working with the market; as a result, we are modifying and enhancing our new builds and moving them further ahead the technology curve. This is exciting substantial interest from the market. We believe Jaya is well positioned to continue our expansion into new segments and new markets with more sophisticated vessels serving the increasingly complex demands of our customers. We are confident that by continuing to focus on our service delivery and fulfilling our customers’ needs, we will go from strength to strength.”

The group proposed a final dividend of 3.5 Singapore cents per share. Together with the interim dividend of 0.5 Singapore cents per share, the total dividend for FY2013 will be 4 Singapore cents per share.


Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping


Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping


Liquefaction Terminals to Dominate LNG Capital Expenditure

Capital expenditure (Capex) on global LNG facilities is expected to total $259 billion (bn) over the period 2015-2019, with investments expected to be 88% larger

Polarcus Awarded 3D Project Off West Africa

Polarcus Limited has signed a letter of intent with Perenco Oil & Gas Gabon S.A. for a 3D marine seismic acquisition project offshore West Africa.   The project,

EGAS Tenders for as many as 48 LNG Cargoes

Egypt's state-owned gas company EGAS has tendered to buy at least 48 cargoes of liquefied natural gas (LNG) for delivery in 2015/16, three traders said. A senior


Damen Outfitting First of Nine Bahamas Patrol Boats

The first of nine Damen Stan Patrol 3007s ordered by the Royal Bahamas Defense Force has arrived at Damen Shipyards Gorinchem in the Netherlands for outfitting.

MARAD Publishes US ATB, ITB Database

The U.S. Maritime Administration (MARAD) released what it is calling a first-of-its-kind public database that chronicles U.S.-flagged, privately owned domestic

New Chinese Shipyard Launches First Ship

The new shipyard facility of Honghua Offshore Oil & Gas Equipment Company in Jiangsu, China, has launched its first ship, an IMT982 Platform Supply Vessel. The vessel,

Offshore Energy

DNV GL Targets Safer Approach to Subsea Lifting

The completion of a joint industry project (JIP) to improve existing standards and regulations around subsea lifting operations has resulted in a new recommended practice (RP).

Polarcus Awarded 3D Project Off West Africa

Polarcus Limited has signed a letter of intent with Perenco Oil & Gas Gabon S.A. for a 3D marine seismic acquisition project offshore West Africa.   The project,

Boskalis, VolkerWessels Win Offshore Wind Farm Work

Royal Boskalis Westminster N.V., in partnership with Volker Stevin International (VolkerWessels), has been awarded a contract by Iberdrola Renewables Offshore Deutschland

Maritime Contracts Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2129 sec (5 req/sec)