Mencast Holdings reports 4% drop in Q2 net profit to $5.6 million

Mencast Holdings announced that its second quarter net profit dipped 4 per cent to $5.6 million.

This was despite revenue rising by 43 per cent to $27.5 million for the three months to June 30.

The Singapore-based maintenance, repair and overhaul provider attributed the stronger earnings to improvement in the offshore and engineering segment, along with contributions from the new energy services segmen.

This was somewhat offset by a marginal decline in contribution from the marine segment.

Earnings per share slipped to 1.96 cents from 2.22 cents previously while net asset value per share firmed to 33.43 cents compared to 31.22 cents as at Dec 31.