Offshore services firm Sinwa posted a 57.4% fall in second-quarter net profit over last year despite a marginal improvement in revenue, Seatrade Asia reports.
The Singapore-listed firm recorded net profit of S$724,000 in the quarter compared to S$1.7m in the same period of last year. The decrease was due mainly to higher tax incurred from its Australian operations.
Sinwa's revenue rose to S$31.5m compared to S$30.6m in the corresponding period of last year.
“The increase was mainly due to higher revenue from marine supply business in Australia. The increase in marine supply business was mainly due to the recovery of the Australian offshore oil and gas sector,” Sinwa said.
The Singapore-listed firm recorded net profit of S$724,000 in the quarter compared to S$1.7m in the same period of last year. The decrease was due mainly to higher tax incurred from its Australian operations.
Sinwa's revenue rose to S$31.5m compared to S$30.6m in the corresponding period of last year.
“The increase was mainly due to higher revenue from marine supply business in Australia. The increase in marine supply business was mainly due to the recovery of the Australian offshore oil and gas sector,” Sinwa said.
Looking ahead, the company cautioned about the looking threat of another global financial crisis resulting from the Western economies. “The inflationary environment in Singapore and neighbouring Asia-Pacific region will remain a concern,” it added.