ASL Marine Announces Full Year Results (Singapore)

ASL Marine Announces Full Year Results

ASL Marine Holdings Ltd., an integrated marine company offering comprehensive services in shipbuilding, shiprepair and conversion, shipchartering and dredging engineering, reported revenue of S$465.4 million and net profit attributable to shareholders of S$45.3 million for the full year ended 30 June 2013.

The Group reported revenue of S$465.4 million for FY2013, an increase of 19.0% year-onyear compared to S$391.2 million in FY2012. The increase was due to higher contributions primarily from the shipbuilding, shipchartering and engineering segments, partially offset by a decline in revenue from the shiprepair and conversion segment.

The Group recorded S$19.5 million in revenue for its Engineering segment arising from the acquisition of Vosta LMG in end 2012. Gross profit for the Engineering segment was recorded at S$1.7 million with a margin of 8.7%.

The Group’s shipbuilding order book from external customers stood at approximately S$370 million as at 30 June 2013 and it comprised of 28 vessels, including OSVs, AHTS, selfpropelled cutter suction dredger, tugs and barges. Barring any unforeseen circumstances, 40% of the order book is expected to be recognised in the first six months of the financial year ending 30 June 2014.

In the near term, the Group will focus on its component business to promote and reintroduce more items under its engineering segment as the dredging market is expected to remain weak. However, the Group believes that the dredging industry may see a period of fleet renewal in the medium term, particularly for medium sized dredgers which are 20-25 years old.

Furthermore, large offshore dredging projects in Australia and Qatar may contribute to the performance of the engineering segment over the longer term.

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Press Release, August 28, 2013