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

People & Company News

Nordic American Offshore Declares Dividend

Nordic American Offshore Ltd. today announced that its board of directors has declared a dividend of $0.45 per common share for the third quarter 2014. This is the same as for the second quarter 2014.

Bollore Africa Logistics Sees Profit Plunge in H1

First half 2014 profit at shipping company Bollore Africa Logistics plunged to 5.89 billion CFA francs ($11.48 million) from 9.45 billion CFA francs in the same period last year,

Ocean Rig, Petrobras Agree to $1.1b Drill Ships Lease

Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to

Finance

Nordic American Offshore Declares Dividend

Nordic American Offshore Ltd. today announced that its board of directors has declared a dividend of $0.45 per common share for the third quarter 2014. This is the same as for the second quarter 2014.

Bollore Africa Logistics Sees Profit Plunge in H1

First half 2014 profit at shipping company Bollore Africa Logistics plunged to 5.89 billion CFA francs ($11.48 million) from 9.45 billion CFA francs in the same period last year,

Maduro Says Venezuela's 2015 Budget to Put Oil at $60

Venezuela's 2015 budget will be based on a target oil price of $60 dollars per barrel, President Nicolas Maduro said on Friday night, but he repeated expectations that prices will recover.

Energy

Corvus Gains Support from WINN Initiative

Corvus Energy announced today the award of $1.3 million in repayable assistance from the Western Innovation (WINN) Initiative for its project to further develop the Corvus Energy Storage System.

Ocean Rig, Petrobras Agree to $1.1b Drill Ships Lease

Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to

GAO: Ending Crude Export Ban Could Ease 'Price at the Pump'

As the energy profile of the U.S. continues to improve and evolve daily, fresh debate in favor of exporting oil and gas products -- which would have a significant impact on the U.

Vessels

New Standard for LNG Cargo Containment Systems

Wilhelmsen Technical Solutions (WTS) said it has successfully completing the gas trial for the first LNG carrier built to a Boil Off Rate (BOR) of 0.08% per day.

Cruise Ship Returns to Texas after Ebola Concern

The Carnival Magic cruise ship was en route back to the United States on Saturday with a passenger from Texas who might have handled specimens of the first Ebola

'New Tango' Brings More Post-Panamax Ships to Charleston

New service expands Port of Charleston's capacity to serve North-South trade The SC Ports Authority today received the first ship call of a new consolidated

Offshore Energy

Ocean Rig, Petrobras Agree to $1.1b Drill Ships Lease

Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to

GAO: Ending Crude Export Ban Could Ease 'Price at the Pump'

As the energy profile of the U.S. continues to improve and evolve daily, fresh debate in favor of exporting oil and gas products -- which would have a significant impact on the U.

Autonomous Technology for Offshore Wind Farm

ASV Ltd in association with Planet Ocean Ltd, have received funding from the GROW:OffshoreWind initiative to investigate how the use of Autonomous Surface Vehicles

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Pipelines Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.2435 sec (4 req/sec)