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Mermaid Maritime Q2 profit halves to US$7.7m on revenue fall

Mermaid Maritime's net profit for second quarter ended June 30 halved to US$7.74 million in line with lower revenue.

Revenue from rendering of services was nearly 54 per cent lower year on year at US$49.63 million as Mermaid's subsea group reported lower income, due mainly to a decrease in cable lay projects and lower utilisation of performing vessels.

Earnings per share came to US$0.0055, down from US$0.011 for the corresponding quarter a year ago.

For the six-month period, net profit swung into the black at US$9.01 million compared to a loss of US$220,00 a year ago. Revenue from rendering of services was 47 per cent lower at US$89.24 million.

Mermaid said: "The group's balance sheet remains in strong position which will financially help the group weather the downturn better. The group is well positioned to capitalise on opportunistic expansion if and when potential distressed assets become available for sale."