Jaya posts 33% decline in full year profit
Jaya Holdings posted a 33% drop in full year net profit due to a write-back of impairment losses and a provision for cancellation/deferment costs of $10.2m, Seatrade Asia online reports.
Net profit came up to $43.81m in the year ended 30 June 2012 for Singapore-listed Jaya, compared to $65.02m in 2011. Revenue also dropped 17% year-on-year to $82.18m. The decrease in revenue was mainly due to fewer vessels sales during the year.
“Despite the challenging offshore market conditions and the uncertainty in the global financial markets, the Jaya group of companies is continuing to build on its order momentum this year, accumulating a charter contracts backlog of more than $198m,” said Venkatraman Sheshashayee, ceo and executive director of Jaya.
A total of 12 vessels will be delivered over the next two years under a building programme.