Marco Polo Marine posts S$3.4m in Q1 profit, buoyed by forex gains

MARCO Polo Marine Ltd reported on Friday net profit of S$3.39 million for the fiscal first quarter ended Dec 31, up from a net profit of S$19,000 a year ago.

A surge in other operating income - to S$3.92 million during the quarter from S$54,000 in the year-ago period - helped to offset a 33 per cent drop in revenue to S$11.4 million.

The increase in other operating income stemmed mainly from an unrealised foreign exchange gain recorded during the quarter, compared to an unrealised foreign exchange loss in the same fiscal quarter last year.

The marine logistics group commented that the outlook for the oil and gas sector and hence the marine industry remains challenging, even though current oil prices have been hovering around US$50 per barrel.

Amid such "testing environment", the group continues to diligently manage its business operations while stepping up its continuous cost containment efforts, it said.