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Vallianz Holdings' Q2 net profit soars more than 400%
HIGHER operating profits helped send earnings soaring by more than 400 per cent at Vallianz Holdings in the second quarter.
The offshore support vessel owner and operator on Monday reported a net profit of US$5.3 million for the three months ended Sept 30 - well up on the US$924,000 from the same period a year earlier.
Revenue dropped 24.8 per cent to US$41.2 million. This was due mainly to the completion of various one-time vessel management projects in the second half of 2016 which were partially offset by the commencement of new contracts with a key customer since the first quarter of 2017/18, said Vallianz.
Net profit for the half year ended Sept 30 shot up 102.1 per cent to US$9.5 million, although revenue shrank 30.4 per cent to US$82.4 million.
During the quarter, the group's core chartering and brokerage services accounted for 90 per cent of its total revenue, marking an improvement over the 68 per cent previously.
"While the group experienced lower utilisation for certain vessels, this was mitigated by the ongoing long-term charters in the Middle East as well as the commencement of new contracts with a key customer in the Middle East since 1Q2017/18," said the firm.
Turnover from the chartering and brokerage services, as a result, remained steady at US$37.1 million, compared with US$37.3 million previously.
Earnings per share for the quarter came in at 0.12 US cents, up on 0.02 US cents previously. Net asset value per share stood at 4.3 US cents as at Sept 30, slightly higher than 4.17 US cents as at March 31.
Vallianz requested for a trading halt on the stock to be lifted on Monday evening, after the results were announced. Its shares last closed on Friday at two Singapore cents.