Singapore: Offshore chartering and shipbuilding firm Jaya Holdings posted lower full year revenue and net profit as vessel sales decreased, Seatrade Asia reported.
In the financial year ended 30 June 2011, Jaya sold three vessels compared to 11 vessels sold in the previous financial year.
The Singapore-listed firm posted full year net profit of S$83.8m ($69.4m) compared to S$103.7m in the previous financial year. Revenue plunged by 64% to S$127.4m.
“Although exploration and production activities have picked up and heightened the demand for offshore vessels, charter rates remain soft with the market still absorbing excess tonnage,” Jaya said in a statement.
It added that while utilisation rates are expected to improve, charter rates are unlikely to see gain ground in the near term.
In the financial year ended 30 June 2011, Jaya sold three vessels compared to 11 vessels sold in the previous financial year.
The Singapore-listed firm posted full year net profit of S$83.8m ($69.4m) compared to S$103.7m in the previous financial year. Revenue plunged by 64% to S$127.4m.
“Although exploration and production activities have picked up and heightened the demand for offshore vessels, charter rates remain soft with the market still absorbing excess tonnage,” Jaya said in a statement.
It added that while utilisation rates are expected to improve, charter rates are unlikely to see gain ground in the near term.