Vallianz Holdings posted FY2015 earnings of US$17.5 million, a 6.1% decrease from the US$18.6 million in FY2014.
Revenue rose 51.3% to US$232.6 million, on the back of higher chartering and brokerage revenue from the increased fleet size. The group also recognized higher revenue from ship management and shipyard services with the contributions from Jetlee Group, OER Group and Newcruz which were acquired in 4Q2014.
Vallianz reported a 39.4% increase in other income to US$9.9 million. This stemmed from the change in fair value of contingent consideration of US$4.15 million, gain from disposal of property, plant and equipment of US$1.75 million, gain from sale of previously held for sale asset of US$500,000 and fair value gain on derivative financial instrument of US$300,000. The group also recorded a share of profit of associate of US$638,000 from the 49%-owned associate PT Vallianz Offshore Maritim in Indonesia which was acquired in December 2014.
Vallianz says the offshore marine industry is expected to remain challenging in the near term as OSV operators continue to be impacted by declining charter rates and vessel utilization.
It also added that it continues to secure long term charter contracts. Its current orderbook stands at US$950 million with deliveries to 2022.
The group has declared a first and final dividend of 0.05 US cent for the current financial period.
Vallianz shares closed 7.5% higher at 4.3 cents on Friday.
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Revenue rose 51.3% to US$232.6 million, on the back of higher chartering and brokerage revenue from the increased fleet size. The group also recognized higher revenue from ship management and shipyard services with the contributions from Jetlee Group, OER Group and Newcruz which were acquired in 4Q2014.
Vallianz reported a 39.4% increase in other income to US$9.9 million. This stemmed from the change in fair value of contingent consideration of US$4.15 million, gain from disposal of property, plant and equipment of US$1.75 million, gain from sale of previously held for sale asset of US$500,000 and fair value gain on derivative financial instrument of US$300,000. The group also recorded a share of profit of associate of US$638,000 from the 49%-owned associate PT Vallianz Offshore Maritim in Indonesia which was acquired in December 2014.
Vallianz says the offshore marine industry is expected to remain challenging in the near term as OSV operators continue to be impacted by declining charter rates and vessel utilization.
It also added that it continues to secure long term charter contracts. Its current orderbook stands at US$950 million with deliveries to 2022.
The group has declared a first and final dividend of 0.05 US cent for the current financial period.
Vallianz shares closed 7.5% higher at 4.3 cents on Friday.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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