Mooreast Holdings has reported earnings that have increased more than fourfold to $6.8 million for the 1HFY2025 ended June 30.
Revenue for the 1HFY2025 came in 84% y-o-y higher at $25.2 million, and gross profit increased 115% y-o-y to $10.9 million.
The SGX Catalist-listed mooring specialist says that it completed several high value mooring orders worth $12.5 million during the period under review, which is not expected to recur in the second half of the year.
This increase was partially offset by the Renewable, Rigging & Heavy Lifting, Marine Supplies & Services and Yard divisions, amid a slowdown in market activities.
The group’s gross profit margin improved to 43% in 1HFY2205. Net cash flow from operating activities came in at $5.3 million for the 1HFY2025.
Cash and bank balances rose to $18.5 million as at end June.
See also: SingPost reports 60% lower operating profit in 1QFY2026 business update
The group announced on July 14 that it partnered with Norway-based GeoProvider AS to accelerate data analysis and support larger, more complicated projects. It also signed an MOU with Korea Ocean Engineering & Consultants Co. to promote collaboration in offshore mooring and seabed anchoring solutions.
Shares in Mooreast closed flat at 14 cents on Aug 11.
