ASL Marine delivers strong earnings, thanks to buoyant offshore market

ASL Marine Holdings has posted a 39.8 per cent rise in second quarter net profit to $10.6 million.

Total revenue for the three months to Dec 31 was up 7.3 per cent at $83 million.

Revenue from the shipbuilding segment increased by 3.4 per cent to $49.9 million, due to higher revenue recognition from the construction of more vessels during the quarter.

The group worked on 23 vessels during the quarter, compared to 17 vessels in the same period last year, with greater focus on offshore support vessels.

Revenue from the shiprepair and conversion segment soared by 17.3 per cent to $10.7 million, due to an increase in larger docking repairs jobs undertaken.

Meanwhile, the shipchartering segment recorded revenue of $22.3 million, up 12.1 per cent as a result of higher utilisation rate from charter of tugs, and charter income received from two anchor handling tugs and one anchor handling towing and supply vessel.

Earnings per share climbed to 2.53 cents from 1.81 cents previously while net asset value per share firmed to 89.27 cents compared to 84.42 cents as of June 30.

The group's shipbuilding order book from external customers stood at about $528 million as at Dec 31, with progressive deliveries up to 2014.

ASL Marine shares ended one cent higher at 74 cents.

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