Saturday, May 24, 2008

Sinwa’s Q1 Net Profit Up 24 Per Cent to $2.49 Million

Q1 turnover up 11.03 per cent to $31.37 million

Singapore, May 15, 2008 – Mainboard-listed and Asia Pacific’s leading marine supply and logistics company Sinwa Limited (“Sinwa” or “the Group”) today announced net profit of $2.49 million for the first quarter ended 31 March 2008, a 23.7 per cent year-on-year increase.

The Group recorded revenue of $31.37 million for the first three months of the year, up 11.03 per cent from the corresponding period last year. Q1 gross profit totalled $8.06 million, up 30.9 per-cent compared to the same period last year.

The higher profits were achieved on the back of increased revenues from the Singapore and Australian operations, and income from the charter of the seismic vessel under our joint venture with Nordic International. Mr Mike Sim, Executive Chairman and Chief Executive Officer of Sinwa, said: “The Group’s first-quarter results have been very encouraging. Despite the
slowdown in the USA economy, both the marine and offshore markets continue to be buoyant. ”

Business Prospects

The Group expects the marine supply and logistics operations in Singapore to generate higher revenues and profits for the current year against last year. Revenue from Sinwa’s Australia operations have also increased significantly year-on-year, and is expected to show continued improvement. Additionally, the Group has opened a representative office in Liangyugang –
making it the seventh location on mainland China. Furthermore, Sinwa expects the charter of the seismic vessel to continue its positive contribution to the Group’s financials for the rest of the year.

Separately, the liftboat – under the joint venture with KS Energy Services Limited – is currently undergoing sea trials, with delivery expected in June 2008.

Barring any unforeseen circumstances, the directors expect the next quarter
to be profitable.

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