ASL Marine has reported earnings of $3.9 million for the FY2024 ended June 30, 10.6% higher y-o-y.

 

Revenue rose by 4.0% y-o-y to $349.3 million due to higher revenue from the group&rsquo s ship chartering business as well as its ship repair, conversion and engineering services business. This was partly offset by lower revenue from the group&rsquo s shipbuilding business.

 

Gross profit surged by 55.1% y-o-y to $45.7 million as gross profit margin (GPM) rose by 4.3 percentage points y-o-y to 13.1%. During the year, the ship chartering business reported a GPM of 2.1% compared to its loss in FY2023. The ship repair, conversion and engineering services business also saw GPM inch up by 1.3 percentage points to 24.4% while the shipbuilding business saw GPM plunge by 12.7 percentage points to 1.3%.

 

Profit before tax was up by 79.6% y-o-y to $12.6 million, although a 157.5% y-o-y surge in income tax expenses of $8.8 million brought profit for the period to $3.8 million, just 5.0% higher y-o-y.

 

In its outlook statement, ASL Marine says the macro trends for the shipbuilding, ship repair, offshore, and marine services industries &ndash including softening global inflation and the US elections &ndash remains   &ldquo mixed and uncertain&rdquo although it sees &ldquo encouraging signs&rdquo of an uptick in the maritime industry.

 

&ldquo Whilst it is difficult to predict the impact of global events on the maritime industry, the overall long-term maritime industry outlook remains sustainable. Nevertheless, there remains potential exposure to higher interest rate for ongoing and near-term transactions,&rdquo says the group in its Aug 30 statement.