SINGAPORE - Marine logistics group Marco Polo Marine posted on Wednesday a 128 per cent jump in first quarter net profit to $7.4 million.
There was major contribution from a new joint controlled company in the fourth quarter of the financial year 2014, which mainly charters accommodation work vessels.
Revenue dropped 12 per cent to $26.6 million for the three months to Sept 30.
Revenue from the ship chartering operations recorded a decrease of 27.9 per cent to $13.2 million, while revenue from the ship building and repair operations rose 13.6 per cent to $13.4 million, boosted by an increased demand for ship building.
The firm said: "Against the backdrop of an anaemic global economy, the financial quarter under review was characterised by the general precipitous and unrelenting decline in oil prices to multi-year lows."
It said these had adversely impacted sentiments and demand for vessels.
As the region has relatively shallow waters with an active and sizeable fleet of jack-up rigs in operation, Marco Polo Marine noted that "the offshore oil and gas exploration and production activities in the region have so far remained resilient amidst signs of weakening".
It expects the offshore business of the ship chartering operations to boost growth for the next 12 months, as it has secured recent charters.
Earnings per share for the quarter was 2.18 cents, up from 0.95 cent previously, while net asset value per share was 51.4 cents as at Dec 31, up from 49.4 cents as at Sept 30 last year.
Marco Polo Marine shares closed half a cent down at 27.5 cents on Wednesday.