Atlantic Navigation Holdings has reported a net profit after tax of US$1.8 million ($2.32 million) for the 1QFY2025 ended March 31, a significant increase of more than 100% y-o-y on the basis of continuing operations.
The company, which is in the business of marine logistics services ship repair, maintenance and fabrication, reported earnings per share of 35 US cents for the quarter, over 100% higher y-o-y.
Similarly, the group saw a 100% y-o-y ebitda growth to US$2.1 million for 1QFY2025. Meanwhile, revenue for the period grew 41.2% y-o-y to US$4.1 million.
The company’s results follow the completion of its disposal of its fleet in 4Q2024, and the group will be engaged primarily in providing ship chartering, technical, commercial and chartering project management services to third-party owners, and management of cross-chatters moving forward.
Atlantic Navigation’s revenue growth for the period was supported by ship management fees at MLS Division as well as increased activities at SRM Division.
For the reporting period, there were no cross charters as compared to three cross charters in the same period a year ago. The group secured a cross charter and the provision of ship management services for the same vessel, which commenced in early May.
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This is expected to contribute positively from 2QFY2025.
As at March 31, the group has 16 ship management agreements with six agreements remaining until end June this year and five until August 2026.
The group’s net assets stood at US$35.6 million as at end March, and it is debt free.
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“While the group has effectively de-risked in the interim by being asset-light service providers to meet market demand for our MLS including cross-chartering and SRM services, we will continue to remain vigilant to respond and adapt accordingly in the event of any adverse change, and being prudent as we factor these developments into our evaluation of the investment opportunities,” says executive director and CEO Bill Wong.
Shares in Atlantic Navigation closed 0.2 cents lower, or 3.28% down, at 5.9 cents on May 6.
