ASL Marine Holdings, the integrated marine company offering services in shipbuilding, shiprepair and conversion as well as shipchartering, posted a 12% rise in net profit attributable to shareholders to $10 million for the three months ended 31 December 2010 (2QFY2011).
Revenue fell 24% y-o-y to $103.1 million mainly due to lower revenue contribution from the shipbuilding operations which decreased by 47% to $53.6 million in 2QFY2011 as new shipbuilding orders slowed.
Shiprepair and conversion operations recorded a 77% increase in revenue for 2QFY2011 to $31.9 million mainly attributed to works undertaken for a floating storage and offloading (FSO) vessel.
Revenue from the shipchartering operations was higher by 7% in 2QFY2011 due to marginally higher vessel utilisation rate. Consequently, gross profit increased by 13% to $4.0 million with gross profit margin improved slightly from 21.7% to 22.8%.
