OPERATIONS AND FINANCIAL
REVIEW
Shipchartering segment reported gross profit
of S$10.4 million for FY2015, as compared
to S$17.7 million for FY2014. Gross profit
margin for the shipchartering segment
decreased from 25.3% to 14.4% yoy as a
result of the change in vessel mix.
ENGINEERING
Engineering revenue reported revenue
of S$46.3 million for FY2015, 18.8%
lower compared to that of FY2014. Both
New Buildings and Components revenue
decreased due to fewer New Buildings
projects undertaken and few orders for spare
parts and cutting/coupling products received
from customers in FY2015. Engineering
segment generated S$13.6 million gross
profit in the financial year, a decrease of
5% yoy, while gross profit margin improved
from 25.1% for FY2014 to 29.3% for FY2015
supported by better margin achieved from
Components business.
SUBSIDIARIES AND JOINT
VENTURES
In September 2014, the Company has
incorporated two wholly-owned subsidiaries,
ASL Leo Pte. Ltd. (“ASLL”) and Harmony
PSV Pte. Ltd. (“HPSV”). In April 2015, the
Company has incorporated one wholly-
owned subsidiary, Synergy Ocean Pte.
Ltd. (“SO”). All the three companies are
engaged in freight water transport and ship
management services.
The 50% joint venture, Sindo-Econ Group,
contributed profit of S$2.4 million to the
Group for FY2015, contributed by higher
sales in concrete precast operations. Together
with our two associate companies, our joint
venture and associate companies contributed
profit of S$3.9 million to the Group.
FINANCIAL REVIEW
Group reported revenue of S$184.2 million
for FY2015, a 64% decline yoy. Gross profit
was S$38.1 million, a decline of 35% yoy.
Group reported net profit attributable to
shareholders of S$7.9 million for FY2015,
compared to S$22.1 million for FY2014.
Earnings per share were 1.89 Singapore
cents for FY2015 compared to 5.27 Singapore
cents for FY2014. Group proposed a cash
dividend of 0.4 Singapore cents per share,
representing a dividend payout of 21%.
On October 1, 2014, the Group issued S$50
million in principal amount of 5.35 per cent
notes due 2018, under the Company’s
S$500 million multicurrency debt issuance
programme, for the financing of the working
capital and capital expenditure requirements
of the Company and its subsidiaries and the
refinancing of the existing borrowings of
the Group.
ASL Marine Holdings Ltd. /Annual Report 2015
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