Monday, November 21, 2011

Alam Maritim on firm growth, vessels biz picks up

KUALA LUMPUR (Nov 21): ALAM MARITIM RESOURCES BHD [] recorded firm earnings growth in the third quarter ended Sept 30, with net profit up 50.5% to RM13.33 million from RM8.92 million a year ago, underpinned by its offshore support vessels segment.

It said on Monday its revenue increased by 71.3% to RM116.03 million from RM67.69 million while earnings per share were 1.70 sen compared with 1.20 sen.

Alam Maritim said when compared with the second quarter ended June 30, 'the group's revenue for the current quarter of RM116.03 million was significantly higher than the preceding quarter's revenue of RM67.90 million by 70.9% mainly due to higher revenue registered by the offshore support vessels segment as a result of higher vessel utilisation rate and contribution from pipe-lay barge related projects,' it said.

It also said the profit before taxation of RM14.88 million was a significant improvement in financial performance as compared to profit before taxation of RM5.55 million in 2Q'' mainly due to higher gross profit margin quarter-on-quarter from the offshore support vessels segment as well as higher other income derived for the current financial quarter under review.

For the nine-month period, its earnings fell 71.2% to RM13.65 million from RM47.39 million in the previous corresponding period while revenue was higher by 8.2% at RM218.62 million from RM201.99 million.

'This is mainly attributable to higher revenue derived from offshore support vessels segment (by 24.1%) despite lower contribution from the underwater services and offshore installation and CONSTRUCTION [] segment (by 51.8%).

The profit before taxation for the current financial period of RM13.71 million was 75.3% lower than the RM55.51 million a year ago, due

mainly to lower gross profit margin registered for the current financial period as compared to last year for all business segments.

'In addition, lower share of profit of jointly controlled entities and other income has also contributed to the adverse financial performance for the financial period under review,' it said.

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