Singapore-based CH Offshore Annual Profit Plunge

MarineLink.com
Tuesday, August 06, 2013

For the financial year ended 30 June 2013, the Group, which owns PSV's, AHTS & offshore maintenance vessels, has recorded loss after income tax of US$7.108 million which was 121.3% lower than the profit after income tax of US$33.433 million for the previous financial year ended 30 June 2012.

Revenue
Revenue declined 7.2% to US$47.819 million from US$51.514 million. During FY13, revenue was mainly affected by two vessels which have completed their respective contracts in January 2013. Thereafter, they were docked for their first mandatory overhaul and upgrading works. As at 30 June 2013, all the vessels were fully utilized except for these two which were still undergoing repair and upgrading works.

Other Expenses

Other expenses comprised mainly allowance for doubtful trade receivables of US$43.95 million. The Group had announced this outstanding debts in its First Half-Year and 3rd Quarter Announcements that it was taking appropriate actions to recover the said debts. While efforts are still on-going to recover this debts, the Group deemed it prudent to make an allowance for doubtful trade receivables for FY13 as no further payments were received from the client since October 2012 and both the vessels have completed their respective contracts in January 2013. The Group did not make an allowance in FY12, as the client did not dispute the invoices and had continued to make payment.

Commentary
Although the Company has made an allowance for doubtful trade receivables of US$43.95 million in full for the financial year just ended, it will continue to ensure that no effort is spared to recover the outstanding debts.


 

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

People & Company News

Sapurakencana Wins 3 Petronas Oil blocks

SapuraKencana Petroleum Berhad today announced that it has entered into Sale and Purchase Agreements to acquire the entire interest of PETRONAS in 3 blocks offshore

Kemp Succeeds Semple at Wood Group

Wood Group announced following changes to its senior management team. Alan Semple, chief financial officer (CFO) has advised the board that he intends to

ST Engineering Rejigs Top Deck

Singapore Technologies Engineering Ltd (ST Engineering) today announced the appointment of senior management personnel to new key management positions in the

Offshore

Sapurakencana Wins 3 Petronas Oil blocks

SapuraKencana Petroleum Berhad today announced that it has entered into Sale and Purchase Agreements to acquire the entire interest of PETRONAS in 3 blocks offshore

7 Rescued from Sinking Freighter Near Haiti

Seven crewmembers were rescued after their 100-foot coastal freighter began taking on water and sank approximately 45 miles north off of Cap Haitien, Haiti, Friday.

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

Finance

ST Engineering Rejigs Top Deck

Singapore Technologies Engineering Ltd (ST Engineering) today announced the appointment of senior management personnel to new key management positions in the

MHI Receives "Best IR Award"

Mitsubishi Heavy Industries, Ltd. (MHI) has received one of this year's "Best IR Awards" presented annually by the Japan Investor Relations Association (JIRA).

Houston Port Commission Approves budget

The Fiscal Year 2015 Operating and Capital Budget was approved Thursday during a special meeting of the Port Commission of the Port of Houston Authority.   Projections

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Port Authority Salvage Ship Electronics Ship Repair Ship Simulators 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: 0.1136 sec (9 req/sec)