ASL Marine Q1 profit tanked by 70%

ASL Marine Holdings' net profit for the fiscal first quarter ended Sept 30 tanked by a near-70 per cent to S$1.6 million from S$5.25 million as higher operating expenses, losses in joint ventures and associates, and higher tax expense eroded revenue gains.

Revenue grew 27.3 per cent to S$96.7 million during the period.

As at Sept 30, the group had an outstanding shipbuilding order book from external customers of about S$177 million for the building of 17 vessels with progressive deliveries up to the fourth quarter of fiscal 2018.

The order book comprises offshore support vessels, harbour tugs, barges and tankers. Barring any unforeseen circumstances, some 59 per cent of the order book is expected to be recognised in the financial year ending June 30, 2017, ASL Marine said.