ASL Marine swings from $7 mil loss to earnings of $14 mil for 3QFY2023

The Edge Singapore
1-min read

As at March 31 2023, ASL's order order book is around $54 million

ASL Marine has reported earnings of $14 million for 3QFY2023, a big swing from a loss of $7.1 million in the year earlier.

Revenue in the same period was up 42.3% y-o-y to $102.2 million, with its shipbuilding revenue surging by 256.3% to $47.3 million.

For the ninth months ended March, the company was still in the red, with a loss of $7 million, but sharply reduced from a loss of $22.8 million in the year-earlier period.

In its earnings commentary, ASL Marine notes that the macro trends remain mixed and uncertain.

However, there are "encouraging signs" that the maritime industry is recovering in tandem, barring adverse impacts that may be caused by potential resurgence of COVID-19; geopolitical rivalry; rising interest rates and increases in the prices of energy, raw materials as well as labour costs.

"Whilst it is difficult to predict the impact of global events on the maritime industry, the overall long-term maritime industry outlook remains sustainable," the company adds.

As at 31 March 2023, the company's outstanding shipbuilding order book from external customers is around $54 million for 13 vessels with progressive deliveries up to 2H FY2024.

Just a day before the earnings was announced, ASL Marine shares surged by some 70%, drawing an unusual trading query from the Singapore Exchange.

ASL Marine shares closed at 5.1 cents, up 6.25%.

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