Jason Marine FY15 profit up

Singapore

IN a financial year when revenue was higher but overall gross margin lower, Jason Marine Group turned in a 39.8 per cent rise in net profit to S$3.89 million with help from higher net exchange gain. The 12 months ended March 31 (FY2015) saw revenue up 12.4 per cent at S$56.42 million. The group provides and services marine communication, navigation, and automation systems for the marine and offshore oil and gas industries.

Earnings per share were 3.67 Singapore cents, up from FY2014's 2.62 Singapore cents. Overall gross profit margin slipped from 27.1 per cent to 26.1 per cent. Share of results of associates was a loss of S$131,000 versus a profit of S$235,000 for FY2014. Other items of income - comprising interest income and "other" income - rose about S$1.3 million to S$1.9 million. "This was due mainly to the increase in net exchange gain of S$1 million as well as a gain on disposal of a subsidiary of S$0.2 million and a write-back of trade payables no longer required of S$0.2 million in FY2015," said the group. Jason Marine said that the market environment remained challenging as exploration companies had reduced their capital expenditure because of lower oil prices. The market is also very competitive.A final dividend of one Singapore cent per share has been declared. Jason Marine was last traded at S$0.25.