Courage Marine

Courage Marine: 4Q13 net profit turned around to US$0.4m from loss of US$1.3m in 4Q12, on revenue growth of 81% to US$9.6m, due to higher utilisation rate on its drybulk fleet. For the full year, net loss narrowed to US$1.8m from a loss of US$10.7m in FY12, while revenue grew 33% to US$25m. The bottomline eased by the absence of disposal and impairment losses recorded in FY12, which amounted up to US$5.5m. Going forward, the Group remains cautious on the outlook for 2014, given the low demand for commodities in Greater China and over-supply of vessels led to more pressure on freight rates. Subsequently, group gave notice that it has recorded pre-tax losses for three consecutive years and may be placed on SGX Watch-List. At the last closing price of $0.078, Courage trades at 0.97x P/B.