Marco Polo Marine has reported earnings of $10.7 million for the 2HFY2024 ended Sept 30, down 4% y-o-y as compared to the same period last year. This brings its earnings for the FY2023 to $21.7 million, 4% lower y-o-y.
The drop in the group’s 2HFY2024 and FY2024 earnings were attributed to lower revenues from both the ship chartering and ship building and repair segments. Revenue from ship chartering saw a 6% y-o-y decrease in 2HFY2024 due to a decline in the average utilisation rate for the group’s fleet of offshore vessels.
Revenue from the group’s ship building and repair segment saw a 23% y-o-y decrease in 2HFY2024 and a 16% y-o-y decline in FY2024. This came on the back of a decrease in ship repair volume, which was partially offset by an increase in shipbuilding activities.
Total revenue for the 2HFY2024 dropped by 13% y-o-y to $62 million.
For the same period, gross profit saw a 6% y-o-y decrease to $26.3 million, while gross profit margin increased by 3 percentage points to 42%.
Ebitda fell by 15% y-o-y to $24 million in 2HFY2024 from $28.2 million in the same period last year.
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FY2023 revenue fell by 3% y-o-y to $123.5 million, while gross profit for the same period saw a 6% y-o-y increase to $48.5 million.
Correspondingly, gross profit margin for FY2024 surged by 3 percentage points to 39%, due to higher charter rate from the group’s ship chartering segment.
Ebitda for FY2024 saw a decrease to $42.7 million from $43.3 million in FY2023.
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Cash and cash equivalents as at Sept 30 stood at $68.8 million.
A dividend of 0.1 cent per share has been declared for the period.
Looking ahead, the group says it remains focused and committed to its strategic plan to expand in the growing energy sector.
For the group’s ship chartering segment, it adds that the OSV market remains robust due to high demand from offshore wind farms and oil and gas industries. The group expects this to persist and underpin higher charter rates.
Shares in Marco Polo Marine 5LY closed flat at 5.2 cents on Nov 28.
