Asia/Pacific News
Record Profits for Singapore Listed Marco Polo
Singapore listed Marco Polo Marine (Marco Polo) [SGX:5LY] announced record profits of S$21.3 million ($17.4 million) on revenues of S$89.8 million (73.5 million) in fiscal year 2012, ended September 30, as its shipyard operations grew 33 percent.
CEO Sean Lee Yun Feng said the company’s entry into the offshore oil and gas sector, and the development of a fleet of seven offshore supply vessels over the past two years, has “positioned us in good stead to take on the challenges ahead.”
In the third quarter of the year, Marco Polo noted a “strong start” for a bunkering joint venture with Marine Tanker Holdings.
The CEO also said the company benefited from the creation of a shipyard with three dry-docks, which allowed it to provide more technically advanced services.
Marco Polo’s ship building and repair operations grew 33 percent over the year to S$69.3 million ($56.7 million), while its chartering business fell 33 percent to S$20.5 million ($16.8 million).
For the fourth quarter of the year, the company recorded net profits of S$3.9 million ($3.2 million) on revenues of S$19.8 million ($16.2 million), which represented a 10 percent increase in profits but a 3 percent drop in revenues compared with the same quarter last year.
In the coming year, the company said its shipyard operations will continue to drive its revenue, despite moderation in newbuild orders, thanks in part to the company’s ability to undertake more complex contracts.
