Lower expenses helped the owner of the ONE°15 luxury yachting brand to lift earnings in the fourth quarter.

SUTL Enterprise reported that net profit rose 2 per cent to $2 million in the three months to Dec 31. Revenue dipped 6 per cent to $7.6 million.

While full-year turnover fell 3 per cent to $27.3 million, this was more than offset by a 4 per cent drop in total expenses, led by lower promotional costs, utilities and property tax.

There was also a 20 per cent reduction in income tax expenses, mainly due to incentives enjoyed by a subsidiary, SUTL said.

Full-year net profit rose 8 per cent to $4.14 million.

Earnings per share for the quarter came in at 2.26 cents compared with 2.28 cents a year earlier, while net asset value per share was 65.53 cents, up from 62.71 cents.

A final cash dividend of two cents a share has been recommended, unchanged from the preceding year.

The group expects market conditions in the integrated marina development industry to remain "fairly stable".

SUTL has operations in Suzhou, New York and Singapore, with plans for marina projects in Johor under way.

It announced on Feb 22 that a subsidiary had entered into a conditional agreement to acquire a majority stake in a Thai company that will be involved in developing and operating a yacht club in Phuket.

SUTL Enterprise shares closed down 4.4 per cent to 76 cents yesterday.