Jaya Reports $46.1 Million Full Year Net Profit

MarineLink.com
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.

jayaholdings.com

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

New CEO for Evergas

Evergas has appointed Steffen Jacobsen as CEO of the company as of 8 May 2015 Mr. Jacobsen joined Evergas 1 February 2015 as Vice President, Fleet after almost 35 years in Maersk.

NCSP Group Cargo Traffic Up 6% in Q1 2015

Novorossiysk Commercial Sea Port Group (NCSP Group or the Group) (LSE: NCSP, Moscow Exchange: NMTP) reports that Group’s consolidated cargo turnover in Q1 2015 increased by 2 million tonnes or 6.

Naming Ceremony of Evergreen's EVER LYRIC

Evergreen Group today held the naming ceremony for EVER LYRIC, the eighth of its L-type vessels built by CSBC Corporation in Taiwan. The ceremony took place

Offshore

New CEO for Evergas

Evergas has appointed Steffen Jacobsen as CEO of the company as of 8 May 2015 Mr. Jacobsen joined Evergas 1 February 2015 as Vice President, Fleet after almost 35 years in Maersk.

Italian Navy Takes Back Fishing Boat Seized Near Libya

The Italian navy took back control on Friday of a Sicilian fishing boat that had been seized overnight by unknown assailants near the Libyan coast, the defence ministry said.

Steelhead Introduces a New Yacht Crane

Steelhead Marine, a North American crane manufacturer, has expanded its product offering with the launch of the new E Series 1000 crane. Suited for commercial and recreational vessels,

Finance

Seaspan Takes Delivery of New Containership

Seaspan Corporation (SSW) has accepted delivery of a 14000 TEU containership, the YM Wellhead.    The new containership, which was constructed at Hyundai Heavy Industries Co.

'Make in India’ - the Newbuzzword in Indian Shipping Sector

The Prime Minister Narendra Modi's  'Make in India’ initiative offers a plethora of opportunities in the maritime sector, particularly in shipbuilding, with the

Baltic Index Perks up on Increased Rates for Bigger Vessels

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged higher on Thursday as rates for bigger vessels rose.

Energy

New CEO for Evergas

Evergas has appointed Steffen Jacobsen as CEO of the company as of 8 May 2015 Mr. Jacobsen joined Evergas 1 February 2015 as Vice President, Fleet after almost 35 years in Maersk.

Icebreakers Ordered for Neft’s Novy Port Project

Aker Arctic’s icebreaker design selected for Gazprom Neft’s Novy Port project   Aker Arctic and Vyborg Shipyard have confirmed a contract for the design of two

MacGregor's Pusnes bow loading systems for Suezmax Tankers

MacGregor, part of Cargotec, has secured contracts to supply Pusnes bow loading systems for three newbuild shuttle tankers intended for operations in Brazilian waters.

Vessels

NCSP Group Cargo Traffic Up 6% in Q1 2015

Novorossiysk Commercial Sea Port Group (NCSP Group or the Group) (LSE: NCSP, Moscow Exchange: NMTP) reports that Group’s consolidated cargo turnover in Q1 2015 increased by 2 million tonnes or 6.

Solving the LNG Propulsion Puzzle

The last piece of the LNG infrastructure puzzle, in the form of North America’s first LNG bunker barge, falls into place at Conrad’s Orange, Texas Shipyard. With

Hands Across the Water

U.S. firms leverage Netherlands-based Damen Shipyard’s vessel designs and technical support. For nearly 40 years, Damen Shipyards Group in the Netherlands has

Offshore Energy

New CEO for Evergas

Evergas has appointed Steffen Jacobsen as CEO of the company as of 8 May 2015 Mr. Jacobsen joined Evergas 1 February 2015 as Vice President, Fleet after almost 35 years in Maersk.

Royal IHC Launches Sister Pipelay Vessels

Netherlands-based Royal IHC today named and launched new pipelaying sister vessels, Sapura Jade and Sapura Ônix, in ceremonies at the company’s shipyard in Krimpen aan den IJssel, The Netherlands.

CWind Orders Four Crew Transfer Vessels

CWind, a provider of services to the offshore wind industry, has placed an order for four new crew transfer vessels from Aluminium Marine Consultants (AMC), a shipbuilding

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Pipelines Pod Propulsion Salvage Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | 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: 0.2971 sec (3 req/sec)