ASL Marine: 2QFY2011 results with rev at 103.1m -24.1%yoy +26.7%qoq. Net profit at 10.0m +11.8%yoy, +24.9%qoq. Revenue from shipbuilding fell the most -47.1%yoy due to a declining order book but was offset by an increase in ship repair and conversion at +77.0%. Margins on a half-yr basis were fairly stable except for ship repair and conversion slipping from 22.4% in prev yr to 19.7%...
On a yoy quarter basis, margins fell for both repair (22.7% to 18.2%) and chartering (23.5% to 21.1%) attributed to competition. Outstanding order book for $265m for 52 vessels with deliveries up to 1Q2012, an expected 34% is to be recognised by 30 June 2011…
Concern remains on co's shipbuilding operations due to over-supply situation although ship repair and conversion segment appears to be performing strongly. Margins are likely to remain under pressure due to competition. Current P/E at 7.76x close to hist avg of 7.71x
No comments:
Post a Comment