Written by Joy Lee
Tuesday, 11 August 2009 21:21
KUALA LUMPUR: SCOMI MARINE BHD [ SCOMIMR 0.580 0.010 (1.754%) ]'s net profit for the second quarter (2Q) ended June 30, 2009, grew 55% to RM22.48 from RM14.52 million a year earlier due to improved margins through better operations management.
Gross profit margin for the quarter was wider at 26.2% compared with 18.2% in the corresponding quarter through lower bunker and docking expenses, it said in a statement yesterday.
Revenue, however, dipped slightly to RM110.90 million from RM117.04 million previously as its coal division saw lower tonnage carried for the quarter. However, its offshore support division recorded slightly better revenue by RM300,000.
Basic earnings per share rose to 3.12 sen from 1.98 sen.
Scomi Marine said its associate CH Offshore Limited was expected to take delivery of the final two 12,240bhp vessels this November and February 2010. This would bring its total deepwater fleet to seven.
It also expected the offshore support division’s charter rates to remain stable over the coming months.
"With the delivery of an accommodation barge to our subsidiary PT Rig Tenders Tbk in June 2009, we foresee increased contribution from the division. There are also plans to add to our current fleet as current vessel prices are attractive with opportunities to secure charter contracts in our existing markets," it said.
Scomi Marine was confident of the long-term fundamentals of both the oil and gas and coal industries but would maintain prudence in the current environment. It also expects better tonnage in the second half of this year as signs of pick up in production for the mines become more apparent.
"We continue to be diligent in our cost management and the lower fuel price compared to FY2008 is expected to translate into lower operational expenses for the division," it said.
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