SGX-listed Jaya Holdings Ltd set a new record in net attributable profit (PATMI), raking in S$149.8 million for the full year ended 30 June 2008 (FY08).
This represents an increase of 24 per cent year-on-year (yoy) despite flattish revenue of S$307.2 million.
The ship building division was the largest contributor to overall revenue, making up S$234.7 million or 76 per cent of Group sales. Although revenues dipped slightly yoy, PATMI rose 14 per cent yoy to S$59.6 million (33% annual increase).
Revenue was recognised on the basis of percentage completion on 14 vessels – mainly anchor handling, tug/supply (AHTS) vessels – at an average progressive recognition rate of 60 per cent in FY08, as opposed to 15 vessels at a similar recognition rate of 60 per cent in FY07.
The ship chartering division upped its revenue by 3 per cent yoy to S$71.2 million. Gross margin for the division remained strong at 54 per cent despite a weakened US dollar. The sale of nine vessels from the chartering fleet further lifted earnings 27 per cent yoy, with PATMI rising to S$84.6 million.
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