ASL Marine 4Q 2012 Profit Rises on Completion of FPSO Conversion Job
|Thursday, August 16, 2012
Singapore's ASL Marine said Wednesday that its net profit for the fiscal fourth quarter ended June 30, 2012, rose 42.3 percent year on year to $6.6 million (SGD8.29 million) from $4.7 million (SGD5.83 million).
The company said that its strong performance for the fourth quarter was due to the completion of a major ship conversion job undertaken for a floating, production, storage, offloading (FPSO) vessel. The contract value of this conversion job was around $26 million.
Commenting on ASL Marine's outlook for its next fiscal year, CIMB's Analyst Yeo Zhi Bin said that he expects ASL earnings to remain strong. "We remain bullish on ASL Marine. The fact that the company's orders this fiscal year exceeded a booming fiscal year of 2007 is not lost on us," Yeo said.
ASL Marine had announced on April 16, 2012, that it secured contract wins worth $106 million (SGD132.5 million) for the construction of five vessels. The contracts were for four tug boats and one platform supply vessel. The company announced on the same day that its ship-repair division also won conversion and upgrading works for two rigs.
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