Baker Technology net profit surges 189% YoY to $11.9m in H1 2024

It was mainly driven by higher chartering revenue and lower administrative expenses.

manuLimited reported a net profit of $11.9m for the first half of the financial year, marking a 189% increase from $4.1m in the same period last year. 

The profit surge was driven by higher chartering revenue, lower administrative expenses, and increased foreign exchange gains.

The group’s revenue for the same period also increased by 33% to $52.4m, reaching $52.4m. This growth is primarily driven by increased charter revenue and higher spare parts sales. 

The rise in charter revenue was supported by greater vessel utilisation of the group's owned vessels and enhanced contributions from third-party managed vessels.