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THE sale and leaseback of vessels helped to boost the bottomline for offshore services company Emas Offshore in the fourth quarter as revenue fell.
The company made a post-tax profit of US$36.3 million for the three months ended Aug 31, a 181 per cent jump from US$12.94 million the previous year, it said in a Singapore Exchange filing on Tuesday.
Revenue came in at US$54.31 million, 19 per cent lower year-on-year, which the group said was mainly due to weakness in both its shallow water platform support vessel and anchor handling, towing and supply vessel segments.
The lift in post-tax profit was mainly due to other operating income. Emas Offshore said in a statement that other operating income included a gain relating to the sale of vessels on sale and leaseback transactions amounting to US$32.8 million.
For the full year ended Aug 31, post-tax profit leapt 626 per cent year-on-year to US$199.54 million though revenue fell 13 per cent to US$247.17 million.
Earnings per share grew to 0.08 US cent for Q4, from 0.05 US cent the previous year. Net asset value per share fell to US$1.22 as at Aug 31 this year, from US$2.84 as at Aug 31 last year.
Emas Offshore is dual-listed in Oslo and Singapore.