SINGAPORE (Nov 7): Sinwa, the provider of marine and offshore supplies and logistics, reported 3Q earnings rose 18.9% to $1.72 million from $1.4 million a year ago.
Revenue rose 34.9% to $44.1 million to $32.7 million mainly led by higher sales from the marine and offshore supply business in Singapore and Thailand operations.
The group’s gross profit margin for the quarter was lower at 22.5% from 24.5% a year ago due to stiff market competition.
Appreciation in the Australian dollar had also resulted in a gain of $0.2 million for 3Q17, recorded in the other comprehensive income, which arose from translating of the financial statements of foreign operations.
Sinwa says although sentiment and earning levels are looking more positive in some sectors, volatility remains in others and there is still some way to go towards recovery in both the Shipping and Oil & Gas industries overall.
Shares in Sinwa closed at 24 cents.
