Marco Polo Marine veers towards 3% dip in revenue
Thankfully, profit surged 10%.
According to OCBC, Marco Polo Marine (MPM) reported a 3% YoY fall in revenue to S$19.8m and a 10% increase in net profit to S$3.9m in 4Q12, bringing full year revenue and net profit to S$89.8m and S$21.3m, respectively.
Here's more from OCBC:
Results were in line with our expectations; full year net profit was exactly what we had forecasted earlier. Gross profit margin was 32.5% in FY12 vs 28.1% in FY11, mainly due to ship repair which performed well in the year.
The group continues to receive enquiries for its ship building, repair and conversion services. Pending a briefing later in the afternoon, we maintain our BUY rating but put our fair value estimate of S$0.53 under review.