Marco Polo Marine (MPM) has reported a profit for the fourth quarter on the back of improved performances at its chartering and shipbuilding operations.
The Singapore-listed company booked net income of SGD 2.4m ($1.75m) versus a loss of SGD 548,000 12 months earlier.
However, the profitable fourth quarter was insufficient to turn things around for the full-year which saw it post a loss of SGD 3.8m.
Fourth quarter revenue surged 57% year-on-year to SGD 8.8m as revenue at its chartering and shipbuilding arms jumped 66% and 46% to SGD 5.3m and SGD 3.5m respectively.
MPM attributed the increased revenue to higher utilisation of its fleet of mainly anchor handlers and due to an increase in ship repair projects.
The quarter also saw the company complete the extension of one of its graving docks in Indonesia from 190 to 220 metres.
“The outlook for the offshore marine industry remains challenging and competitive in view of the lingering vessel supply overhang and persistent anemic charter rates,” MPM said.
“Notwithstanding which, there are positive signs in recent times that such a downcast scenario appears to be gradually bottoming-up.”
MPM said it will continue to step up its marketing efforts to improve its performance as the oil market adjusts to the changing demand and supply conditions for the eventual expected recovery.
