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SINGAPORE –\u00a0Media
Marco Polo Marine reported a net attributable profit
\u00a0<\/p>\n
1HFY2021 Financial Highlights<\/u><\/b><\/p>\n
S$ million<\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a01HFY2021\u00a0<\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a01HFY2020\u00a0<\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a0Y-o-Y
\n <\/td>\n
Revenue<\/b><\/p>\n
\n <\/td>\n
<\/p>\n 21.1<\/p>\n
\n <\/td>\n
<\/p>\n 18.6<\/p>\n
\n <\/td>\n
<\/p>\n 13.8%<\/p>\n
\n <\/td>\n
Gross Profit<\/b><\/p>\n
\n <\/td>\n
<\/p>\n 5.0<\/p>\n
\n <\/td>\n
<\/p>\n 3.4<\/p>\n
\n <\/td>\n
<\/p>\n 46.9%<\/p>\n
\n <\/td>\n
Gross Profit Margin\u00a0\u00a0<\/b><\/p>\n
\n <\/td>\n
<\/p>\n 23.8%<\/p>\n
\n <\/td>\n
<\/p>\n 18.4%<\/p>\n
\n <\/td>\n
<\/p>\n EBITDA*<\/b><\/p>\n
\n <\/td>\n
<\/p>\n 3.9<\/p>\n
\n <\/td>\n
<\/p>\n 1.1<\/p>\n
\n <\/td>\n
<\/p>\n 254.5%<\/p>\n
\n <\/td>\n
EBITDA Margin<\/b><\/p>\n
\n <\/td>\n
<\/p>\n 18.5%<\/p>\n
\n <\/td>\n
<\/p>\n 5.9%<\/p>\n
\n <\/td>\n
<\/p>\n Net Profit \/ (Loss)<\/b><\/p>\n
\n <\/td>\n
<\/p>\n 5.9<\/p>\n
\n <\/td>\n
<\/p>\n (0.7)<\/p>\n
\n <\/td>\n
<\/p>\n NA<\/p>\n
\n <\/td>\n
*Exclud<\/i>es foreign exchange losses (mainly unrealised in nature) and one-off gain
Gross profit surged 47% to S$5.0 million in 1HFY2021
\u00a0<\/p>\n
Excluding foreign exchange losses and the one-off
\u00a0<\/p>\n
Other operating income increased significantly to S$7.3
\u00a0<\/p>\n
The share of losses from jointly controlled
Segmental Breakdown<\/u><\/b><\/p>\n
S$ million<\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a01HFY2021\u00a0<\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a01HFY2020\u00a0<\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a0Y-o-Y
\n <\/td>\n
Ship Chartering
\n <\/td>\n
<\/p>\n 9.4<\/p>\n
\n <\/td>\n
<\/p>\n 9.9<\/p>\n
\n <\/td>\n
<\/p>\n -5.1%<\/p>\n
\n <\/td>\n
Ship Building &
\n <\/td>\n
<\/p>\n 11.7<\/p>\n
\n <\/td>\n
<\/p>\n 8.7<\/p>\n
\n <\/td>\n
<\/p>\n 34.5%<\/p>\n
\n <\/td>\n
Total Revenue<\/b><\/p>\n
\n <\/td>\n
<\/p>\n 21.1<\/b><\/p>\n
\n <\/td>\n
<\/p>\n 18.6<\/b><\/p>\n
\n <\/td>\n
<\/p>\n 13.8%<\/b><\/p>\n
\n <\/td>\n
Revenue from the Group’s Ship Chartering Operations fell
\u00a0<\/p>\n
The Group’s Ship Building & Repair Operations
Moving Forward<\/u><\/b><\/p>\n
The outlook for the offshore marine industry remains
\u00a0<\/p>\n
For the Group’s ship chartering business, it will
Mr Sean Lee, Chief Executive Officer of Marco Polo
\nOutReach<\/a>\u00a0– 14 May 2021 –\u00a0Marco Polo Marine Ltd.<\/a> (SGX:5LY)
\n(“Marco Polo Marine<\/b>” or the “Company<\/b>“,
\nand together with its subsidiaries, “the<\/b> Group<\/b>“),
\na reputable regional integrated marine logistics company, today announced its
\nfinancial results for the half year ended 31 March 2021 (“1HFY2021<\/b>“).<\/p>\n
\n
\n
\n
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\nof S$5.9 million for 1HFY2021, compared to a 1HFY2020 net loss of S$0.7
\nmillion. Group revenue for the period gained 13.8% to S$21.1 million, from
\nS$18.6 million in 1HFY2020, as sales from its Ship Building & Repair
\ndivision surged 34.5% year-on-year.
\n
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\narising from the acquisition of debt<\/i><\/p>\n
\n
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\nfrom S$3.4 million in 1HFY2020, with gross profit margin increasing to 24% in 1HFY2021
\nfrom 18% in 1HFY2020. This was mainly due to the absence of one-off
\nreactivation costs incurred for its fleet of offshore vessels during the
\ncurrent period.\u00a0 <\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\ngain from the acquisition of debt, the Group’s earnings before interest, tax, depreciation
\nand amortization (EBITDA) increased to S$3.9 million in 1HFY2021, from S$1.1
\nmillion in 1HFY2020.<\/p>\n
\n
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\n
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\nmillion in 1HFY2021 from S$2.4 million in 1HFY2020, following a S$6.2 million gain
\nfrom the acquisition of debt (as announced by the Company on 13 October 2020).<\/p>\n
\n
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\n
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\ncompanies decreased to approximately S$20,000 in 1HFY2021 from S$1.0 million in
\n1HFY2020. The share of losses was attributable to a lower utilisation of the
\nvessel held by Pelayaran Era Sdn Bhd. The Group has ceased to recognise the
\nshare of results from its joint venture, PT Pelayaran Nasional Bina Buana Raya
\nTbk (“PT BBR”) in the current period, since the losses to be recognised have
\nexceeded the Company’s cost of investment in PT BBR.<\/p>\n
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\n % change\u00a0<\/b><\/p>\n
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\n Operations<\/b><\/p>\n
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\n Repair Operations\u00a0\u00a0<\/b><\/p>\n
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\nby 5% to S$9.4 million in 1HFY2021 from S$9.9 million in 1HFY2020, mainly due
\nto lower charter rates for the Group’s fleet of tugboats and barges. Average
\nutilisation rates for both its fleet of tugboats and barges as well as OSVs
\nhave remained comparable to that of the same period last year. <\/p>\n
\n
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\n
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\nrecorded a 34% rise in revenue to S$11.7 million in 1HFY2021 from S$8.7 million
\nin 1HFY2020, mainly due to increased ship repair jobs during the period. Its Ship
\nBuilding division has also commenced new projects in relation to the
\nconstruction of two Smart Fish Farms, as announced by the Company on 17 August
\n2020, which led to the higher revenue. <\/p>\n
\n
\n
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\nchallenging, as the COVID-19 pandemic continues to crimp oil demand as well as oil
\nand gas activities, resulting in a slowdown in the Group’s ship chartering and
\nshipyard operations. However, positive signs have emerged recently, indicating
\nthat the sector downturn may be bottoming-out gradually. The Group has also
\ntaken steps to capitalise on emerging opportunities in certain segments.<\/p>\n
\n
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\n
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\ncontinue to step up marketing efforts to improve its performance and explore additional
\nrevenue sources by venturing beyond Southeast Asia, in particular, into the
\noffshore windfarm renewable energy segment. The utilisation of its fleet of
\ntugboats and barges is also expected to improve as construction activities in
\nSingapore progressively resume. For the Group’s shipyard division, it will
\ncontinue to focus on securing ship repair and maintenance orders from regional
\nship owners. <\/p>\n
\n
\n
\n
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\nMarine, commented: “Despite the industry’s
\nchallenging backdrop, we were able to register a creditable performance for
\n1HFY2021, returning to profit from a net loss in the previous period. Our
\nefforts to diversify into the renewables sector has started to bear fruit, and
\nthe Group will continue to focus on transitioning into green energy. <\/i><\/b>“<\/p>\n