Singapore: ASL Marine Records Growth in Shiprepair and Conversion

ASL Marine Holdings Ltd, an integrated marine company offering comprehensive services in shipbuilding, shiprepair and conversion, shipchartering and dredging engineering, reported revenue of S$144.8 million and net profit attributable to shareholders of S$5.6 million for the three months ended 31 March 2014.

The group recorded growth in shiprepair, conversion and engineering segment, which was offset by the shipbuilding and shipchartering segment.

Revenue from the shipbuilding segment retraced 12.4% year-on-year to S$85.2 million in 3QFY2014. This was attributed to the lower revenue recognized from the construction of offshore support vessels during the quarter as the construction of most of the OSVs are nearing completion.

This was offset by higher revenue recognized from the construction of dredger and barges together with the revenue from an additional 2 units of tugs. Gross profit for the shipbuilding segment was reported at S$1.1 million, with gross profit margin of 1.3%.

This was mainly due to the delay in the completion of construction of 3 units of OSVs, of which the margins have been suppressed due to additional subcontractors’ cost, additional working capital and provisions for liquidated damages.

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Press Release, May 14, 2014