Vallianz's Q1 profit rises 5% to US$4.97m
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Anita Gabriel
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VALLIANZ Holdings on Monday posted a 5 per cent increase in its net profit to US$4.97 million for the first quarter ended March 31, 2015, from a year ago on the back of higher gross profit and share of profit of associate, which was offset by an uptick in finance and administrative costs.
Led by higher revenue from charter and brokerage services as well as ship management and shipyard services, revenue jumped to US$60.73 million from US$27.71 million in the year-ago period.
The firm attributed the revenue growth from ship management and shipyard services to contributions from Jetlee Group, OER Group and Newcruz Group, which were acquired in the final quarter of financial year 2014.
Based on higher weighted average number of shares, earnings per share came in at 0.15 US cent from 0.32 US cent.
No dividend was recommended for the period, unchanged from a year ago.
At the end of March 2015, the group's vessel chartering business had a fleet of 39 offshore support vessels.
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