Gaylin's profit jumps 80.5% to S$3.2m

Revenue also surged 8.4%.

According to a release, Gaylin Holdings Limited announced its first set of results since listing on the Mainboard of the Singapore Stock Exchange on 25 October 2012.

Riding on buoyant activities in the offshore O&G industry, Gaylin turned in higher revenue of S$39.3 million and net profit of S$6.5 million for the six-month period ended 30 September 2012.

These compared with S$36.7 million and S$5.5 million respectively in the year ago period. For the three-month period ended 30 September 2012 (“2Q FY2013”), the Group posted an increase of 80.5% in earnings to S$3.2 million, while revenue increased 8.4% to S$20.9 million.

The increase in revenue was mainly attributable to a project for a customer based in Europe in 2Q FY2013.

For the quarter under review, gross profit climbed from S$4.3 million in the previous quarter to S$6.5 million – representing a 52.1% increase. Correspondingly, gross profit margin climbed 9.1 percentage points to 31.4% in the latest quarter, up from 22.3% previously.

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