ASL Marine Holdings (A04) Q1 2025 TU earnings summary

Executive summary

• 1Q FY2025 revenue fell 4.7% YoY to $84.0m; gross profit rose 5.4% to $13.5m, while profit after tax declined 86.3% to $0.5m.

• Adjusted EBITDA declined 31.9% to $17.5m; operating cash flow remained positive at $10.0m.

• Recovery efforts focused on core marine businesses and meeting SGX Watch-list exit criteria by the 4 Dec 2024 deadline.

Financial highlights

• Profit before tax fell to $2.1m from $4.7m; owners’ profit was $0.13m versus $3.25m, and basic and diluted EPS were 0.01 cents versus 0.50 cents.

• Cost of sales decreased 6.4% to $70.5m; other operating income fell 72.2% to $0.5m, while net FX loss contributed to other operating expenses of $1.8m.

• Net FX loss and higher administrative expenses weighed on PBT; higher gross earnings and lower finance costs partly offset the declines.

• Excluding $3.4m of finance-cost amortisation from prior-year fair-value adjustments on bank loans and bonds, PBT was $5.5m versus $8.0m in 1Q FY2024.

Outlook and guidance

• Shipbuilding order book was ~$73m for 33 vessels, with progressive deliveries through 3Q FY2025; long-term shipchartering order book was ~$10m.

• Shipbuilding focus: standard-design tugs, barges and workboats, with shorter-cycle, less capital-intensive contracts; a second floating dock expanded Singapore yard capacity.

• Priorities include improving fleet utilisation, cost control, efficiency and productivity; disposing vessels to support liquidity, scrapping ageing vessels and renewing the fleet.

• No dividend was declared or recommended for 1Q FY2025.