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  • 2016 May 9 12:36

    Vallianz posts net profit of US$ 5.5 mln in 1Q2016

    Vallianz Holdings Limited, an established provider of offshore support vessels and integrated marine solutions to the oil and gas  industry, today reported that its net profit for the three months ended 31 March 2016 remained stable at US$5.5 million.

    Group revenue of US$49.3 million in 1Q2016 was down 18.8%  year - on - year from  US$60.7  million  in  1Q2015 . This was due mainly to the  completion  of ship management projects in late 2015, lower average  charter  rates  and  a  change  in  the  revenue  mix  of  its  offshore support vessel (“ OSV ”)  chartering  and  brokerage  business and  ship management  services .

    At  the  end  of  1Q2016,  the  Group  owns  and  operates  42 OSVs. The charter ing and brokerage  business  accounted for  a higher  69 % of revenue in 1Q2016,  compared  to 63%  in  1Q2015. The  remaining  30%  of  Group  revenue  was  derived  from  ship  management  &  shipyard  services and investment segments.

    Although  total  revenue  was  lower  in  1Q2016,  the  Group was  able  to  increase  it s  gross  profit margin  to  29.3%  from  26.4%  in  1Q2 015.  This  was  attributed  mainly  to  the  higher  revenue  contribution  of  the  Group’s OSV  chartering  business, coupled  with the  benefits  from  its ongoing  efforts  to  maximize  cost  savings  from vessel operations and labour expenses.

    In addition, the Group’s administrative expenses fell 28.0% year - on - year to US$4.0 million in 1Q2016 as  a result of its concerted efforts to optimise its cost structure in late 2015.  The completion of a refinancing  exercise  for  the  Group’s  Middle  East  operations  also led to a 24.0% reduction in finance costs in 1Q2016. 

    As  a  result  of its  cost  rationalis ation  efforts,  the  Group  posted a  steady  net  profit  of  US$5.5  million  in  1Q2016 compared  to  US$5.6  million  in  1Q2015.  The  strategic  actions  taken  to  lower  its  overall  cost  structure  helped  to  mitigate  the  impact  of  lower  Group  revenue  and  a  reduced  share  of  results  of  associate and joint ventures which fell by approximately US$1.2 million in 1Q2016. 

    About Vallianz Holdings Limited

    Vallianz  Holdings  Limited  is  an  established provider  of  offshore  support  vessels  and  integrated  offshore  marine  solutions to the oil and gas industry. Headquartered in Singapore, the Group provides offshore marine services to oil majors and national oil  companies  worldwide.  Today,  Vallianz  owns and  operates a  young  fleet  of  4 2 offshore  support vessels and covers markets in the Middle East, Asia Pacific and  Latin America.




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