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VALLIANZ Holdings on Monday announced a 12.5 per cent increase in net profit to US$4.26 million for the first quarter ended June 30, up from S$3.79 million a year ago, on an absence of an impairment charge of US$1.62 million that was recorded in the corresponding period the year ago.
Revenue, however, fell by 35.2 per cent year on year to S$41.2 million.
This was due mainly to the completion of various one-time vessel management projects in the second half of 2016, which was negated by the effect from the commencement of new contracts with a key customer in Q1 2017/18, said Vallianz.
Earnings per share came up to 0.1 US cent, compared to 0.11 US cent in the previous year.
No dividends have been declared by the offshore support vessel company for the period.