Neptune Marine Services Limited has reported a net profit after tax from operations of $1.3 million for the first half ended 31 December 2011.
Highlights:
* H1 FY2012 net profit after tax of $1.3 million
* Reported EBITDA of $3.7 million
* Revenue increased to $60.5 million
* Restructuring initiatives complete
The Company reported an EBITDA for the half of $3.7 million.
Revenue increased by 5.6 per cent on the previous corresponding period to $60.5 million.
The Company’s balance sheet is in a sound position, with no term debt and a cash position of $4.6 million.
Neptune Chief Executive Officer Robin King said it was encouraging that the operational performance of Neptune’s businesses had stabilised.
The result reflected the positive impact from Neptune’s restructuring initiatives that were undertaken during CY2011 and completed with the sale of the US diving business earlier this month.
“We are currently focussed on our strategy of growing our businesses organically, initially by expanding the Company’s operations into the North West and other established oil and gas regions in Australia where we previously did not have a presence.”
During the half, Neptune opened a service facility in Dampier, Western Australia, and developed its base in Darwin. Subsequent to December, Neptune has committed to a facility in Melbourne to service the Bass Strait region and is well advanced in evaluating a move into the Gladstone area in Queensland.
“Competition continues to be tight with pressure on margins, however our strategy remains focussed on building our reputation of providing a responsive and quality service and we believe we are achieving success in this area”, Mr King said.
[mappress] Subsea World News Staff , February 22, 2012; Image: Neptune Marine