Revenue from the group’s ship building and repair segment saw a 23% y-o-y decrease in 2HFY2024 and a 16% y-o-y decline in FY2024. This came on the back of a decrease in ship repair volume, which was partially offset by an increase in shipbuilding activities.
Marco Polo Marine has reported earnings of $10.7 million for the 2HFY2024 ended Sept 30, down 4% y-o-y as compared to the same period last year. This brings its earnings for the FY2023 to $21.7 million, 4% lower y-o-y.
The drop in the group’s 2HFY2024 and FY2024 earnings were attributed to lower revenues from both the ship chartering and ship building and repair segments. Revenue from ship chartering saw a 6% y-o-y decrease in 2HFY2024 due to a decline in the average utilisation rate for the group’s fleet of offshore vessels.
