Vallianz posts 74% rise in 2Q earnings to US$5.3 mil

SINGAPORE (Nov 6): Vallianz, the offshore support vessel owner, reported a 74% rise in 2Q earnings to US$5.3 million ($7.2 million) from US$3 million a year ago on lower cost of sales, lower expenses and higher other income.

Revenue fell 24.8% to US$41.2 million due mainly to the completion of various one-time vessel management projects in the second half of 2016 which were partially offset by the commencement of new contracts with a key customer since 1Q.

Revenue from the chartering and brokerage services remained steady at US$37.10 million in 2Q compared to US$37.26 million a year ago.

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