Jaya Holdings Annual Net Profit Rises 5%

Singapore-listed Jaya Holdings Limited posted a 5 percent rise in net profit to $46.1 million for financial year 2013 (FY 2013) that ended June 30, boosted by improved charter utilization rate and higher average daily charter revenue, the company said Wednesday in an announcement of its financial results.

Total revenue for FY 2013 was $201.8 million, up 145 percent from the $82.2 million recorded in the previous year amid increased vessel sales and higher charter utilization, while the average daily charter revenue rose to $13,624 from $10,485 in the previous financial year.

Increased revenue for the company's Offshore Support Services Division was attributed to vessel utilization rate of 80 percent in FY 2013 compared to 70 percent a year ago. Higher day rates were also achieved due to the expansion of Jaya's geographical presence beyond markets in Asia to West Africa, India and the Middle East as well as its vessels taking on more complex works in these areas.

Meanwhile, turnover for its Offshore Engineering Services Division rose following the delivery and sale of three vessels, including an ice class 16,000 brake horsepower Anchor Handling Tug and Supply vessel, compared to one vessel sold in FY2012.

“Jaya is continuing to drive the new strategic roadmap that the Group put in place in 2012. We are continuing to invest in our people and processes and in strengthening our internal efficiencies. Our planned expansion into new markets, with Jaya’s first state-of-the-art deep-water PSV (platform supply vessel) Jaya Valour commencing a long term charter immediately on delivery, and MPMAV (multi-purpose maintenance and accommodation vessel) Jaya Privilege being awarded a long term charter in Latin America, are clearly bearing fruit," Venkatraman Sheshashayee, Jaya's CEO and executive director of Jaya said in the press release.

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