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Marco Polo posts full-year net profit of S$169m

MARCO Polo Marine turned black for the financial year ended Sept 30 on dramatically higher operating income due to derecognised debts and a foreign exchange gain.

Full-year net profit was S$168.98 million, reversing from a loss of S$312.69 million for the previous year.

Earnings per share was 6.74 Singapore cents for FY18, compared to loss per share of 92.91 Singapore cents for FY17.

Revenue fell 31 per cent to S$26.56 million on lower contributions from both divisions - ship chartering and shipbuilding and repair operations.

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Other operating income jumped to S$184.69 million from S$1.04 million.

Other operating expenses fell to S$7.33 million from S$256 million, in the absence of asset impairments made in FY17.

Finance costs fell 72 per cent to S$2.84 million following the completion of the debt restructuring exercise.

Share of losses from jointly-controlled companies was S$5.41 million compared to S$51.27 million in the absence of asset impairments made in FY17.

The group's total interest-bearing borrowings fell to S$154,000 as at the end of FY18 from S$245.9 million a year ago.

Its cash and cash equivalents stood at S$17.9 million as at Sept 30, up from S$4.8 million last year.

Marco Polo said the outlook for the offshore marine industry remains challenging and competitive for the next 12 months in view of the lingering vessel supply overhang and low charter rates. But it pledged to step up marketing efforts to improve its performance as the oil market adjusts to the changing demand and supply conditions for the eventual recovery.