ASL Marine: Growth Momentum Continues (Singapore)

ASL Marine Growth Momentum Continues

ASL Marine Holdings Ltd., an integrated marine company offering comprehensive services in shipbuilding, shiprepair and conversion, shipchartering and dredging engineering, reported revenue of S$148.3 million and net profit attributable to shareholders of S$11.7 million for the three months ended 30 September 2013.

The engineering segment, which came about with the acquisition of Vosta LMG in December 2012, contributed revenue of S$8.9 million in 1QFY2014 led largely by its components and services business. Gross profit margin for the engineering segment was 31.9%.

The Group’s administrative expenses more than doubled to S$8.4 million in 1QFY2014 on account of the consolidation of Vosta LMG. In addition, the Group recognized an amortization charge of S$1.4 million for intangible assets.

However, this was offset by the significant decline of S$6.9 million in other operating expenses, due to the absence of allowance for impairment of doubtful debts and unrealized loss on foreign exchange in 1QFY2014.

Net profit attributable to shareholders climbed 19.1% to S$11.7 million in 1QFY2014, this translated into basic earnings per share of 2.79 Singapore cents (1QFY2013: 2.34 Singapore cents).

The Group’s shipbuilding order book from external customers stood at approximately S$268 million as at 30 September 2013, comprising of 23 vessels including OSVs, AHTS, selfpropelled cutter suction dredger, tugs and barges.

In addition, the shipbuilding segment will embark on a build to stock program valued at S$85.0 million for 4 units of AHTS and 1 unit of Maintenance Work Vessel.

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Press Release, November 15, 2013