Third quarter profit rises at offshore vessel builder Jaya Holdings

Offshore energy services firm Jaya Holdings' earnings for the third quarter surged as it chartered out more vessels at better rates.

Net profit for the three months to March 31 shot up 249 per cent to US$14.1 million (S$17.6 million). Revenue for the quarter rose to US$105.7 million, quadrupling from US$24.8 million year on year.

The firm, which owns and builds offshore vessels used by the oil and gas sector, said that the sale of a vessel also helped its offshore engineering services unit record a net profit of US$2.8 million during the quarter. A year ago, it made a loss of US$269,000.

Earnings per share for the quarter was 1.83 US cents, up from 0.52 US cent a year earlier.

Net asset value as at March 31 was 19.77 US cents, down from 23.47 US cents as at June 30.

Jaya Holdings' shares closed 0.5 cent up at 80 cents.