Sale-and-leaseback gain boosts EMAS bottom line

Singapore

DESPITE lower revenue and a gross loss, EMAS Offshore Ltd emerged from a volatile fiscal fourth quarter with a more than doubling in net profit thanks to the disposal of vessels on sale-and-leaseback transactions.

EMAS posted a Q4 net profit of US$36.3 million, up from US$12.9 million a year ago, as net other operating income jumped 178 per cent to US$48.3 million for the three months ended Aug 31, 2015.

EMAS offloaded several offshore support vessels under a sale-and-leaseb…