Penguin has reported earnings of $9.3 million for the 2HFY2020 ended December, 15.9% lower than earnings of $11.0 million the year before.
Earnings for the FY2020 fell 32% y-o-y to $13.2 million from $19.4 million a year ago, due to the negative impact brought about by the Covid-19 pandemic and weak oil prices.
There was also lesser demand for new vessels. Crewboat charter rates and utilisation rates fell for the year as well.
As a result, 2HFY2020 earnings per share (EPS) stood at 4.22 cents from last year’s 5.02 cents.
FY2020 EPS came in at 6 cents from 8.82 cents previously.
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No dividend has been declared for the period, compared to the dividend of 1.75 cent per share in FY2019.
Revenue for the 2HFY2020 grew slightly at 1.3% y-o-y to $69.3 million, due to the higher number of stock vessels sold, and offset by a decrease in chartering activities over the period.
Cost of sales for the period was 3.8% higher y-o-y at $48.4 million in tandem with the higher number of stock vessels sold.
As a result, 2HFY2020 gross profit fell 4.1% y-o-y to $20.9 million.
FY2020 revenue fell 12.4% y-o-y to $119.4 million due to fewer sales in stock vessels, and lower chartering activities.
FY2020 gross profit fell 17.4% y-o-y to $33.5 million due to lower contribution from shipbuilding and chartering activities during the period.
Other operating income stood 65.1% y-o-y higher at $10.0 million due to a net foreign exchange gain of $312,000 compared to a net foreign exchange loss of $855,000 in FY2019.
As at end-December 2020, cash and cash equivalents stood at $35.3 million.
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The group says it has either halted or slowed down its uncommitted build-for-stock vessels to conserve cash.
As at Feb 14, the group says its windfarm boats segment remains “fairly resilient” while its crewboats, as well as security vessels segments have “weakened but stabilised”.
Its passenger ferries are seeing a slow pick up due to slower tourism numbers.
“Notwithstanding the challenges, the group is still working hard to secure new build-to-order projects across various market segments, as it expands its geographical reach,” it says.
As at 2.49pm, shares in Penguin are trading flat at 65 cents on Feb 15.
