The Singapore-listed firm achieved first quarter net profit of S3.31m ($2.68m) as against a net loss of S$507,000 in the same period of 2011. Revenue during the quarter remained unchanged at S$23.24m.
“The management of spending coupled with gains from disposal of investments more than negate the lower gross profit impact. This resulted in the overall after tax profit to be higher compared to the prior year,” Viking said.
Looking ahead, Viking anticipates industry conditions for the marine sector to remain challenging for the next few quarters.
“To address the challenges in this sector, the group will refocus on refurbishing and maintenance activities which the customers will be looking to extend the useful lives of vessels. In addition, the group will continue its effort to aggressively pursue growth in the offshore sector which remained encouraging as well as its push towards the international and emerging markets.”
source: sea-trade asia