Penguin International hits sweet spot in shipbuilding and vessel chartering

Penguin International's second quarter net profit rocketed to $5.9 millon fromp $1 million in the corresponding period last year.

Revenue for the three months to June 30 more than doubled to $44 million from $21.9 million.

The increase was due mainly to higher revenue from shipbuilding and chartering activities. This was partially offset by a decrease in bunkering activities.

The group sold five built-for-stock crewboats to third-party ship owners during the quarter.

Earnings per share jumped to 0.89 cent from 0.15 cent previously while net asset value per share firmed to 15.47 cents compared to 14.31 cents as at Dec 31.

Penguin expects its core shipbuilding, ship repair and chartering businesses to continue driving operating earnings for the rest of the year.

Barring unforeseen circumstances, it expects to sell more crewboats, secure more

newbuild orders and increase offshore charter revenue, while continuing to expand its fleet of crewboats and fast supply intervention vessels.