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OFFSHORE support vessels (OSV) and integrated marine solutions provider Vallianz Holdings has reported a 4.7 per cent fall in net profit for the three months ended Sept 30 to US$4.6 million, despite higher revenue.
This represents earnings per share of 0.14 US cent for the quarter, down from 0.19 US cent a year ago.
Revenue in Q3 rose 52.4 per cent to US$59.8 million, on the back of higher chartering and brokerage revenue which grew with the group's fleet size, as well as new revenue streams from subsidiaries acquired in the last quarter of 2014.
But the increase in revenue was partly offset by the increase in cost of sales, which jumped 72.6 per cent to US$43 million, led by the expanded scale of operations in 2015 following those acquisitions.
Ling Yong Wah, CEO of Vallianz, said: "The group delivered stable earnings in 3Q-2015 despite the current uncertain climate and weakness of the global oil industry. The ability to sustain our profitability under present market circumstances reflects the resilience of our business model which is primarily built on long term vessel charters to national oil companies."
The group's current chartering services order book of US$940 million comprises mainly long term charters that stretch up to 2022.
It added that it will focus on solidifying its position as a major OSV provider in the Middle East and work on plans to broaden its presence in this major oil producing region.
As part of its long-term strategy, the group will also keep its sights on new project tenders in the markets of Latin America, Asia and West Africa.