Marco Polo Marine Q3 gross profit up 47.2% to S$14.2 million
Vivienne Tay
MARCO Polo Marine on Thursday (Aug 17) posted a 47.2 per cent rise in gross profit to S$14.2 million for the third quarter ended June, from S$9.7 million a year earlier.
This came as both the marine logistics company’s ship chartering and shipyard segments recorded improvements in operational performance. Revenue grew 28.9 per cent year on year to S$36.8 million from S$28.5 million. Gross profit margin stood at 38.7 per cent, up from 33.9 per cent previously.
For the nine months ended Jun 30, revenue was S$92.7 million, up 65.1 per cent from S$56.2 million in the previous corresponding period. Gross profit was 78.9 per cent higher on the year at S$31.9 million from S$17.8 million.
Recovery in the offshore vessel (OSV) market helped boost the group’s ship chartering segment, with demand for OSVs rising notably during the quarter. It said this led to an 8 percentage point rise in utilisation rates year on year. Contributions from Pelayaran Nasional Bina Buana Raya and PKR Offshore, its Taiwan-based offshore renewables service, also bolstered vessel charter and utilisation rates from March and May 2022, respectively.
There was higher demand from end users for the shipyard segment, with shipbuilding and ship-repair activity gaining ground over the quarter. Average utilisation rates for ship repairs were also operating at near full capacity.
“Notwithstanding any unforeseen circumstances, we anticipate a positive finish to the year,” said chief executive Sean Lee.
Shares of the group ended flat at S$0.052 on Wednesday.
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