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Jason Marine FY net profit falls 89% on continued challenging market conditions

JASON Marine Holdings posted a 88.9 per cent fall in net profit from S$406,000 in FY2017 to S$45,000 in FY2018, it said on Wednesday evening.

Earnings per share dropped to 0.04 Singapore cent for the financial year ended March 31, from 0.39 Singapore cent in the preceding period.

For the 12 months ended March 31, revenue slid 4.6 per cent from S$33.2 million in the preceding year to S$31.6 million.

The decline in revenue was due mainly to a drop in airtime revenue to S$2.5 million in FY2018, Jason said.

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The decrease in revenue was partially offset by a 1.8 per cent increase in revenue from sale of goods to S$22.9 million, it added.

Net asset value per share rose to 44.24 Singapore cents as at March 31, from 22.39 Singapore cents a year ago.

Jason, a marine electronics systems integrator and support services provider in Asia, has proposed a first and final tax-exempt dividend of 0.5 Singapore cent per share for FY2018, subject to the approval of shareholders at the annual general meeting to be held in July.

Joseph Foo, executive chairman and CEO, Jason Marine said: "We expect the challenging market conditions to persist, with softer demand for our goods and services. We also expect intense competition to continue to weigh on our margins and affect the group's financial performance in the near to medium term.

"The group will focus on strengthening its existing business and look for opportunities to expand and differentiate itself by creating value for customers and leveraging on technology. We will press on in growing our portfolio of integrated communications solutions and actively exercise prudence in managing operational costs."

Jason Marine shares last traded on Apr 27 at S$0.15.