Jaya Holding: 4Q profit plunges 93%, from $31.3m to $2.2m, while Rev -91.7% to $16.9m. For FY11, net profit fell 19.2% to $83.8m and Rev fell 64% to $127.4m, led by a decrease in rev from its shipbuilding division.
In FY11, division sold 3 vessels vs11 it sold in FY10. Grp said that this was consistent with increasing focus on asset growth and expanding the charter fleet. On offshore shipping front, rev +5% to $67.4m due to charter rates from having more high-specification vessels in the charter fleet. Charter utilisation for FY11, however, was lower at 61% down from 71% in FY10 as charter market conditions softened.
Mgt note that outlook for the chartering business remains a muted one, although E&P activities have picked up and heightened demand for offshore vessels, charter rates remain soft with the mkt still absorbing excess tonnage, Tip utilisation rates to improve, but charter rates are unlikely to see any material change in the near term. Grp trades at 0.62x P/B.
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