Marco Polo Marine has reported a revenue of $31.7 million for the 3QFY2025 ended June 30, down 9% y-o-y. For the 9MFY2025, revenue declined 13% y-o-y to $84.4 million.
The group says that this decline in revenue is driven by lower revenue from shipyard operations and rechartering income from third-party vessels in Taiwan.
Gross profit for 3QYFY2025 came in 4% y-o-y lower at $14 million, and 3% y-o-y lower for 9MFY2025 to $35.6 million.
Meanwhile, gross profit margin improved to 44% in 3QFY2025 and 42% in the 9MFY2025.
By segment, the group’s ship chartering business generated revenue of $22.2 million in 3QFY2025, supported by improved charter rates across its fleet and the maiden contribution of its first commissioning service operation vessel (CSOV).
While third-party vessel rechartering in Taiwan moderated, this was partially offset by revenue from owned vessels. For 9MFY2025, revenue stood at $54.2 million as the business continued to optimise its charter mix. Out of the $54.2 million, the CSOV and the three newly purchased CTVs contributed approximately S$11 million during this period.
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The group’s vessel utilisation improved by 6 percentage points (ppts) y-o-y to 71%.
Ship building and repair operations revenue stood at $9.5 million in 3QFY2025, reflecting lower project volumes for the period. The ship repair utilisation rate improved to 88%, up 15 ppts q-o-q. However, revenue declined during the period due to a smaller number of shipbuilding projects in the pipeline.
As at end March, the group’s net cash position stood at $17.4 million.
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The group says that its third-party rechartering of vessels in Taiwan is expected to remain muted due to the normal phasing of projects in the region. In April, the group’s first CSOV, the Wind Archer, started generating income for the group and is anticipated to do so in the final quarter of 2025 and FY2026.
Shares in Marco Polo Marine closed flat at 6.5 cents on Aug 18.
