SINGAPORE (Aug 14): SUTL Enterprise, the developer and operator of marinas, announced 2Q17 earnings increased 15% to $686,000 from $598,000 in 2Q16.
Revenue for 2Q17 fell 1% to $6.76 million compared to $6.82 million a year ago.
The group’s total expenses dropped 3% to $5.88 million in 2Q17 from $6.07 million the same time last year.
As at June 30, 2017, the group’s cash and cash equivalents strengthened to S$41.8 million as compared to $38.7 million the same time last year because of strong earnings before tax and depreciation.
Arthur Tay, CEO of SUTL, says, “I believe the prospects of the marina industry in Asia are good. Governments are becoming increasingly aware of the economic value that this sector can generate and are therefore more open to allowing the development of waterfront infrastructure along their coastal areas to attract the yachting community.”
In addition, to tap the growing demand for berths and lifestyle waterfront clubs in Asia, the group has been actively seeking out acquisitions and joint ventures, management contracts and/or strategic partnerships to develop integrated marina resorts under the ONE°15 brand in countries such as Thailand, Malaysia, Indonesia, China, Sri Lanka and Vietnam.
Shares in SUTL closed at 74 cents on Monday.
