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SGX-listed Beng Kuang Group Achieved Stronger Performance in 9M2021

indie
6 minutes

Singapore, Nov 17, 2021 - (ACN Newswire via SEAPRWire.com) - Beng Kuang Marine Limited (the "Company", and together with its subsidiaries, the "Beng Kuang Group"), is pleased to share its business update for the nine (9) months ended 30 September 2021 ("9M2021").Highights:- The Group's IE and CP business segments registered strong revenue growth of 106.4% and 84.9%, increasing to S$22.62 million and S$13.37 million respectively in 9M2021, while revenue from the Group's SH business segment dipped significantly as both of the Group's livestock vessels were taken off charter during 9M2021.- With a substantial amount of fixed assets in the balance sheet, the Group registered a depreciation expense (non-cash component) of S$6.18 million in 9M2021.- The Group's IE order book is S$8.0 million as at 30 September 2021, of which S$3.0 million is attributed to ASOM that provides specialised on-site vessel repair and maintenance solutions to FPSO and FSO vessels.- Strategic review to prioritise costs minimisation and deleveraging initiatives, while focusing on monetising fixed assets and high-potential business segments to create new growth catalysts.- The livestock carrier previously detained...

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Wintermar Offshore (WINS:JK) Reports 9M2020 Results

indie
5 minutes

JAKARTA, Oct 28, 2020 - (ACN Newswire) - Wintermar Offshore Marine (WINS:JK) has announced results for 9M2020. Wintermar's Owned Vessel revenue for 9M2020 was 17% lower YOY at US$24.6 million and there was a slight improvement on a quarterly basis in 3Q2020 compared to 2Q2020.--Owned Vessel DivisionFor the 9M2020 period, Owned Vessel Division recorded a gross loss of US$2.8 million, largely due to cancellations and postponement of contracts caused by the pandemic. Cost efficiency measures and a streamlining of the fleet undertaken since last year led to a 14% YOY decline in Owned Vessel direct expenses, which helped mitigate some of the losses.On a quarterly basis, revenue for 3Q2020 was slightly improved as compared to 2Q2020 while direct expenses fell.Measures taken to improve cost efficiency resulted in a 14% reduction in direct expenses for Owned Vessels. Fuel costs dropped sharply by 71% YOY while depreciation fell by 14% YOY due to the sale of 4 vessels in the period 1 January 2020 until 30 September 2020. However, due to the cost of extra precautions taken to ensure the health and safety of crew and clients crewing costs were only 3% lower YOY for 9M2020.--Chartering and Oth...