Marine logistics firm Marco Polo Marine posted a 9% fall in net profit for its financial year 2011 despite revenue climbing 29%, Seatrade Asia online reports. The Singapore-listed firm recorded net profit of S$17.3m ($13.3m) in the year ended 30 September 2011 compared to S$19.1m last year.
Marco Polo achieved revenue of S$83m compared to S$64.3m a year ago.
“For the financial year ending 30 September 2012, the group expects its ship chartering results to be lifted from the group's newly set up offshore business which targets the promising oil and gas activities,” said Sean Lee, chief executive director at Marco Polo.
“A further pick-up in its ship building and repair results is also expected following the group's scheduled delivery of two additional units OSV by Q3 2012,” he said.
Marco Polo achieved revenue of S$83m compared to S$64.3m a year ago.
“For the financial year ending 30 September 2012, the group expects its ship chartering results to be lifted from the group's newly set up offshore business which targets the promising oil and gas activities,” said Sean Lee, chief executive director at Marco Polo.
“A further pick-up in its ship building and repair results is also expected following the group's scheduled delivery of two additional units OSV by Q3 2012,” he said.