ASL Marine's third-quarter gross profit soars 53 percent
ASL Marine Holdings Ltd. (“ASL Marine” or the “Group”) reported revenue of S$113.8 million and net profit attributable to shareholders of S$8.0 million for the three months ended 31 March 2012 (“3Q FY2012”), the Group's press release said.
The total revenue for the Group increased 32% year-on-year (“y-o-y”) in 3Q FY2012 to S$113.8 million. The increase was due to all three business segments, namely shipbuilding, shiprepair and conversion and shipchartering, registering growth in their respective revenue contributions for 3Q FY2012.
With growth in gross profits for each of the business segments, the overall gross profit for the Group surged 53% y-o-y to S$16.0 million in 3Q FY2012. The gross profit margin for the Group improved from 12.1% in 3Q FY2011 to 14.0% in 3Q FY2012 mainly due to better margin from the shipbuilding segment, partially offset by the margin declines in the shiprepair and shipchartering segments.
Other operating income reduced 37% y-o-y in 3Q FY2012 to S$2.8 million mainly due to lesser gain on disposal of vessels from S$4.4 million in 3Q FY2011 to S$2.7 million in 3Q FY2012.
Other operating expenses for the Group registered an increase from S$0.7 million in 3Q FY2011 to S$6.2 million in 3Q FY2012, mainly due to S$2.5 million allowance for impairment of doubtful receivables and S$3.7 million loss on foreign exchange recorded in 3Q FY2012.
Consequently, the Group registered a net profit attributable to shareholders of S$8.0 million in 3Q FY2012, a 1% decline y-o-y. This translated to basic earnings per share of 1.90 Singapore cents for 3Q FY2012 (3Q FY2011: 1.92 Singapore cents).
ASL Marine Holdings Ltd is a fully integrated marine company with a strong focus in shipbuilding, shiprepair, shipchartering, and other marine related services, catering to customers mainly from Asia Pacific, South Asia, the Middle East, and Europe.