Mainboard-listed ASL Marine has reported a 2.5% y-o-y decrease in earnings for the 1HFY2025 ended Dec 31, 2024 of $1.45 million.
The group’s revenue for the reporting period came in at $172.2 million, 3.7% y-o-y lower than the corresponding period. ASL Marine says that this is due to lower contribution from shipchartering, shiprepair, conversion and engineering services.
This was partially offset by higher revenue from shipbuilding.
The group recorded a profit after tax of $2.08 million for the reporting period.
Earnings per share for the 1HFY2025 came in at 0.15 cents, lower than the 0.23 cents declared in the same period a year ago.
The group’s outstanding shipbuilding order book as at Dec 31, 2024 was $62 million for 27 vessels with progressive deliveries up to the fourth quarter of 2024.
Its shiprepair, conversion and engineering services, which is performed based on customer’s specifications, saw revenue decrease due to completion of precast projects and lower sale of dredge components. This was partially offset by higher revenue generated from shiprepair projects.
Net foreign exchange gain led to operating expenses decreasing by 24.1% y-o-y in 1HFY2025.
The group recorded a higher profit before tax for the 2QFY2025 compared to the same period a year ago mainly due to higher gross earnings, gain on disposal of assets classified as held for sale, higher share of results of joint ventures and associates. These were partially offset by higher administrative expenses, finance cost and impairment loss on trade receivables.
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The group says that the outlook for the shipbuilding, ship repair, offshore, and marine services industries is dependent on several factors, including the global economic conditions, demand for shipping, changes in regulations and environmental standards as well as technologies.
It is closely monitoring the market demands in its core business.
As ASL Marine has exited the Singapore Exchange (SGX)’s watch list with effect from Dec 11, it will no longer be required to release its unaudited financial statements on a quarterly basis. The group will only announce results for its first half and end half of the financial year.
Shares in ASL Marine closed 0.1 cents lower or 1.639% down at 6 cents on Feb 14.
