Q2 forex gains, tug sale lift EMAS profit

Singapore

OFFSHORE support services provider EMAS Offshore said on Tuesday that it plans to trim costs and redouble its efforts to get more of its fleet chartered out, after posting a poorer performance in its shallow-water chartering business for some vessels in its second quarter.

Even though net profit soared 143 per cent to US$9.7 million for the three months to Feb 28, that jump over the previous year came mostly from foreign exchange gains and from selling off one of its anchor handling tugs. Revenue for the quarter slid 10 per cent t…