ASL Marine Holdings (A04) Q1 2024 TU earnings summary

Executive summary

• 1Q FY2024 revenue rose 31.0% YoY to $88.094m; net income was $3.309m versus a $7.857m loss.

• Adjusted EBITDA increased 87.5% YoY to $25.759m; operating cash flow was positive at $10.260m.

Financial highlights

• Profit before tax was $4.715m versus a $7.970m loss, improving on higher revenue and gross earnings, lower financial-asset impairment losses and improved associate results.

• Basic and diluted EPS were both 0.50 cents versus a loss of 1.27 cents per share; attributable profit was $3.245m.

• Other operating income declined 71.6% YoY to $1.938m, mainly on lower insurance claim receivables and net foreign exchange gains.

Segment performance

• All three operating segments delivered higher revenue and gross earnings YoY.

• Shipbuilding revenue rose 185.2% YoY to $17.5m; segment gross profit was $1.4m, primarily from progressive recognition of barge construction.

• Shiprepair, conversion and engineering revenue increased 20.6% to $43.7m; gross profit reached $10.8m and gross margin was 24.7%, reflecting more and larger repair jobs and component sales.

• Shipchartering revenue grew 8.0% to $26.8m; gross profit was $0.6m versus a $7.0m loss, aided by OSV and local infrastructure work and lower fuel costs.

• Charter revenue included $6.4m from OSVs, $7.1m from tug boats and $9.6m from barges; barge revenue doubled YoY while tug revenue fell 26.7%.