During 1HFY2023, the Group’s vessel, ES Jewel, had to undergo various repairs as well as scheduled docking, which resulted in a significant increase in repair and maintenance expenses and holding cost, as well as a decrease in revenue.
Offshore and marine company ES Group expects to record a net profit in its 1HFY2024 ended June, it says in a profit guidance.
In a bourse filing, the company attributes the guidance to one-off income from insurance claims for the breakdown of its vessel ES Jewel during 2023; an improvement in gross profit and gross profit margin from the new building and repair segment on better productivity; as well as gross profit recorded from the shipping segment, compared to the gross loss recorded in the previous corresponding period.
