Mooreast Holdings, which specialises in rigging and mooring systems, has reported a turnaround thanks to higher revenue and better margins.
Earnings for its 2HFY2025 ended Dec was $106,000, reversing from a loss of just over $1 million in the year-earlier period. This brings its full-year earnings to $3.64 million, versus $2.3 million in red ink in the preceding FY2024.
Revenue for the second half increased by 15% y-o-y to $13.2 million, bringing whole of FY2025's topline to $38.3 million, a jump of 53%.
While the company expects the offshore oil & gas and marine sectors to provide a stable base of demand, it will still focus on the floating offshore renewable market, which was the market potential flagged when it listed.
In a separate announcement, Mooreast has received approval from JTC Corp to proceed with the $12.5 million acquisition of 60 Shipyard Crescent from its neighbour Seatrium.
Mooreast says the new facility will "significantly enhance" its operational footprint when combined with its existing yard at 51 Shipyard Road.
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The company can thus take on larger and more complex projects while improving operational efficiency and project flow.
"Beyond the financial recovery, we are completing several key upgrades to our infrastructure, such as the acquisition of 60 Shipyard Crescent, to increase our production capacity to meet anticipated demand," says CEO Eirik Ellingsen.
"The floating offshore renewable market continues to move closer towards commercialisation. With a stronger foundation in place, we focused on positioning ourselves as a key mooring partner to capture these emerging opportunities," he adds.
Mooreast Holdings shares closed at 14 cents on Feb 24, up 7.69%.
