Marco Polo Marine has reported earnings of $10.6 million for its 1HFY2025, down 3.4% y-o-y.
If forex and one-off items such as disposal gains were excluded, its adjusted net profit would be $9.6 million down 13.7% y-o-y.
Revenue in the same period was down 14.4% y-o-y to $52.7 million, with lower revenue from its shipyard operations, which was 28% y-o-y lower to $20.7 million.
On the other hand, its gross margin improved by 5.2 percentage points with a bigger proportion of revenue from its higher-margin chartering segment.
The company has recently deployed the Wind Archer, a commissioning service operation vessel (CSOV).
This will help bring in more chartering revenue in the coming quarters.
"We are beginning to realise the benefits of our strategic investments over the past two years and expect a stronger performance in the second half of FY2025," says CEO Sean Lee.
Marco Polo Marine shares closed at 4.3 cents on May 8, down 2.27% for the day and down 14% year to date.
