Viking Offshore and Marine announced financial results for second quarter and half year for the financial period ended June 30 2015. The Group’s Revenue of S$43.0 million for the financial period ending 30 June 2015 (“1H-2015”) increased by 36% compared to the corresponding period last year, the Group said in a press release. The increase in revenue contribution is due to the order book backlog carried forward from last year, in the heating, ventilation, air-conditioning and refrigeration systems segment.
In addition, the asset chartering business which did not feature in the corresponding period last year contributed revenue since the contract inception in September 2014.
Gross Profit increased in tandem with the higher revenue, but Gross Profit Margin declined period-on-period due to business mix. The higher margin asset chartering business segment is offset by the lower margin in offshore and marine services
Marketing and distribution expenses eased off in 1H-2015 in line with the lower sales order intake secured during the period and the delay in existing projects. Other operating expenses decreased largely due to the reduction in amortisation of intangible assets as one of the intangible assets of a subsidiary was fully amortised at the end of the the last financial year.
Finance costs increased as a result of costs incurred for bank loans and redeemable exchangeable bonds related to the funding of the asset chartering business.
Considering the above, the Group recorded Net Profit After Tax for 1H-2015 of S$1.1 million compared to S$0.4 million in 1H-2014.