CH Offshore (C13) H1 2025 earnings summary

Executive summary

• 1H2025 revenue fell 27.0% YoY to US$10.82m as revenue from third-party chartered vessels declined; profit after tax was US$1.04m versus US$1.11m.

• Profit before tax rose 19.7% to US$1.63m, while higher income tax expense reduced attributable earnings and basic EPS to US$0.03 from US$0.08.

Financial highlights

• Gross profit after direct depreciation increased 11.8% to US$3.64m; lower cost of sales more than offset higher direct depreciation.

• Cost of sales fell to US$4.49m from US$9.27m, reflecting lower charter fees; direct depreciation rose to US$2.68m from US$2.29m due to higher dry-docking costs.

• Administrative expenses increased 2.9% to US$1.83m, mainly from annual salary increments; other expenses decreased to nil from US$0.16m, mainly due to lower expected-credit-loss allowance.

• Income tax expense increased to US$0.59m from US$0.25m, due to higher tax provision on 1H2025 profit and non-recognition of tax benefits for tax losses.

Outlook and guidance

• Operations will be managed conservatively amid a rapidly evolving environment; no earnings guidance was stated.