Jaya

Jaya - Achieved more than doubling in net profit for 1Q13 to refinance its existing scheme debt. The shipbuilder's net profit soared 113% to US$10.13m, from US$4.77m yoy. 1Q13 rev grew 36% yoy to US$38.7m, boosted by higher turnover from its offshore support services division. Jaya also announced that it had secured a term loan and revolving credit facility (RCF) of up to US$150m, which will go towards refinancing its existing scheme debt and pre-pay it about 21/2 yrs ahead of its 2015 due date. The co will then be free from scheme restrictions, including those on paying dividends, making new investments and seeking additional borrowings, he said.