MarcoPolo: 1Q FY2011 Dec results out with rev at $19.4m +61.2%yoy, approx +24% qoq. Net profit was slightly lower at $4.0m -16.6%yoy but better on quarter by 44%. Rev was boosted by shipbuilding and repair segment at $11.9m up from $4.2m a 183.3% increase yoy...
Charter segment was relatively flat, down 3.8% yoy at $7.5m. The fall in net profit was mainly due to fall in gain from disposals (one-off gains) from prev yr partly due to co disposing one less vessel this period.Investments in dry docks have strengthened performance as shown in rev, and operating performance improved with gross margins up to 27.8% from 27% prev yr…
Stripping out disposals, group doubled operating net profit to $2.4m yoy. Co has further plans to expand Batam operations through expansion of the shipyard this yr. Co’s trailing P/E is at 6.5x compared to hist avg of 9.0x with Buy calls from all houses covering co.
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