CH Offshore reports 19% drop in Q2 earnings

SINGAPORE - CH Offshore, which is the subject of a takeover offer, posted a 19 per cent decline in second quarter net profit to US$5.4 million (S$6.8 million).

Revenue for the three months to Dec 31 fell by 4.2 per cent to US$8.8 million, after one vessel was taken off from hiring for its mandatory overhaul in early September 2014. It resumed operating on Dec 1.

As a result, the fleet's utilisation for the second quarter was lower than the previous corresponding quarter.

Share of results of associated companies slumped by 47.9 per cent to US$1 million as one of the vessels was sidelined for mandatory docking for major overhaul since November 2014 and another vessel was docked for repair.

Half year earnings per share slipped to 1.56 US cents from two US cents previously while net asset value per share eased to 32.41 US cents compared to 34.04 US cents as of June 30.

No interim dividend was declared, unlike last year when it paid out half a cent per share.