Dyna-Mac's Q3 net profit rises 43.6% to $7.6 million

SINGAPORE - Dyna-Mac Holdings has chalked up a 43.6 per cent rise net profit to $7.6 million for the three months ended Sept 30.

Revenue for the third quarter was up 18.9 per cent at $79.4 million, thanks to more projects being carried in the group's yards in Singapore and overseas.

Gross profit, however, was 12.5 per cent lower at $17.7 million, due to higher costs recognition from overseas yards.

Pretax profit rose by 9.4 per cent to $7.8 million while Ebitda - a measure of operating profit - climbed by 26.6 per cent to $11.9 million.

Earnings per share firmed to 0.74 cent from 0.52 cent previously while net asset value per share climbed to 19.18 cents compared to 19.01 cents as at Dec 31.

Looking ahead, Dyna-Mac said its net order book stood at $223 million, with completion and deliveries extending into 2016.

This includes $92 million in new orders secured this year to-date from repeat customers for offshore floating production storage and offloading (FPSO) modules and specialised offshore projects.

Enquiry levels for the group's core businesses of offshore modules, specialised offshore products and on-shore plants remain high despite recent drop in oil price, it said, as the long-term fundamentals for the offshore & onshore oil and gas industries remain intact.

Dyna-Mac has securedletter of intents from repeat customers for the construction of FPSO modules and are currently in the process of working towards finalising these into contracts.