Shipyard operator Keppel Philippines Marine, Inc. grew profits by more than a fifth in 2010 from year-ago levels after selling off some assets and thus cutting back on operating costs, an annual report filed with the local bourse yesterday showed, Business World reports.
Keppel Philippines Marine posted a 23% growth in comprehensive net income to P831.46 million last year from P676.09 million in 2009, the report stated.
This, as the firm behind shipyards in Batangas, Cebu, and Subic incurred a P149-million income in 2010 from the sale of property and equipment, rental income, exchange gains and sale of scraps. The figure for such income was up 60% from the P93.25 million seen in 2009.
Such gains offset a slight drop in revenues. Keppel Philippines Marine saw its revenues fall by 3% to P2.27 billion in 2010 from P2.33 billion in 2009.
The drop in revenues was further offset by a decline in expenses.
Keppel Philippines Marine reported that its cost of services and operating expenses decreased by 12% to P1.68 billion from P1.91 billion.
“The corporation will continue to explore new markets and continue good relationship with existing customers,” the firm said in the report.
The firm has a 100% interest in Keppel Batangas Shipyard, Inc. and Keppel Cebu Shipyard, Inc. It also has a 70.35% stake in Subic Shipyard and Engineering, Inc., and a 40% stake in Goodstart Properties, Inc.
In January this year, the firm completed its purchase of the government’s 89,622,929 shares in Subic Shipyard and Engineering for P584.7 million.
Keppel Philippines Marine posted a 23% growth in comprehensive net income to P831.46 million last year from P676.09 million in 2009, the report stated.
This, as the firm behind shipyards in Batangas, Cebu, and Subic incurred a P149-million income in 2010 from the sale of property and equipment, rental income, exchange gains and sale of scraps. The figure for such income was up 60% from the P93.25 million seen in 2009.
Such gains offset a slight drop in revenues. Keppel Philippines Marine saw its revenues fall by 3% to P2.27 billion in 2010 from P2.33 billion in 2009.
The drop in revenues was further offset by a decline in expenses.
Keppel Philippines Marine reported that its cost of services and operating expenses decreased by 12% to P1.68 billion from P1.91 billion.
“The corporation will continue to explore new markets and continue good relationship with existing customers,” the firm said in the report.
The firm has a 100% interest in Keppel Batangas Shipyard, Inc. and Keppel Cebu Shipyard, Inc. It also has a 70.35% stake in Subic Shipyard and Engineering, Inc., and a 40% stake in Goodstart Properties, Inc.
In January this year, the firm completed its purchase of the government’s 89,622,929 shares in Subic Shipyard and Engineering for P584.7 million.