CONSOLIDATED INCOME STATEMENT
FY2015
FY2014
$’000
$’000
Revenue
184,156
509,797
Cost of sales
(146,059)
(450,969)
Gross profit
38,097
58,828
Other operating income
10,664
11,072
Administrative expenses
(25,609)
(32,538)
Other operating expenses
(2,799)
(1,319)
Finance costs
(15,624)
(13,764)
Share of results of joint
ventures and associates
3,882
3,860
Profit before tax
8,611
26,139
Income tax expense
(1,150)
(5,376)
Profit for the year
7,461
20,763
Attributable to:
Owners of the Company
7,931
22,118
Non-controlling interests
(470)
(1,355)
7,461
20,763
RESULTS AT A
GLANCE
Decreased mainly
due to reversal of
shipbuiding (“SB”)
revenue following
the rescission of PSV
contracts and the low
POC achieved from the
new projects.
Gross profit decreased
due to the rescission of
SB contracts and absence
of chartering income
following the disposal of
ROV Support Vessel.
Administrative expenses
was lower due to lower
costs incurred by the
engineering division
as a result of the
conscientious effort
taken to rationalise
costs.
Higher other operating
expenses was due
to higher foreign
exchange loss and
higher allowance for
impairment of doubtful
receivables.
Decrease in tax expense
is in-line with the lower
gross profit.
ASL Marine Holdings Ltd. /Annual Report 2015
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