Marco Polo Marine posts fiscal 1Q net profit as shipyard and ship chartering revenue rises

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Marco Polo Marine reported Monday its fiscal first quarter revenue and gross profit grew on-year, driven by both the shipyard and ship chartering segments, leading it to post a net profit. 

In the update for the quarter ended 31 December, the company didn’t provide specific figures.

The shipyard operations grew on-year in the quarter on higher ship repair and ship-building activity, while in the ship chartering segment, demand for the group’s vessels remained strong, driven by the oil and gas and offshore windfarm sectors, Marco Polo Marine said in a filing to SGX. 

Ship chartering revenue grew on higher charter rates, the filing said.

“Marco Polo Marine remains cautiously optimistic of its prospects in the year ahead as demand from end-customers remains robust and on the back of the group’s expansion into the burgeoning offshore windfarm market,” the filing said.

Sean Lee, CEO of Marco Polo Marine, said the group performed well in the first quarter on robust demand. 

“With the world placing an increasing emphasis on environmental sustainability, we are well-positioned to capitalise on the demand for green ship recycling and offshore wind farm installations. The group will continue to expand our operations and service offerings in line with industry needs, while keeping a close tab on costs and cashflow,” Lee said in the statement.