ASL Marine has reversed into the black, reporting earnings of $1.66 million in the 1HFY2024 ended Dec 31, 2023, compared to its loss of $20.8 million in the same period the year before. ASL Marine still reported a loss – albeit a narrower one – of $1.65 million in the 2QFY2024, up from its loss of $12.97 million in the 2QFY2023.
Earnings per share (EPS) for the 1HFY2024 stood at 0.23 cents on a basic and diluted basis.
Revenue rose by 30.8% y-o-y to $178.7 million in the 1HFY2024 as all of the group’s segments saw y-o-y growths. Group revenue for the 2QFY2024 rose by 30.5% y-o-y to $90.6 million on the back of higher contributions from shipbuilding and shipchartering.
Gross profit in the 1HFY2024 spiked by 1,768.2% – or 18.7 times more – to $25.3 million from $1.4 million the year before. This was due to gross profits seen across all segments, compared to the losses in shipbuilding and shipchartering in the 1HFY2023.
Gross profit in the 2QFY2024 stood at $12.5 million, up from $2.96 million in the 2QFY2023 with shipchartering reversing into profitability from losses.
As at Dec 31, 2023, cash and cash equivalents stood at $8.9 million.
See also: Qian Hu reverses from year earlier loss
No dividend has been declared for the period.
As at Dec 31, 2023, the group’s outstanding shipbuilding order book stood at $86 million for 38 vessels with progressive deliveries up to early 2025 (or during the group’s 3QFY2025). The group also had an outstanding ship chartering order book of $23 million in long-term contracts for the same period.
Shares in ASL Marine closed flat at 6.4 cents on Feb 14.
