Marco Polo Marine (5LY) Q3 2023 TU earnings summary

Executive summary

• 3QFY2023 revenue and gross profit grew YoY, supported by improved performance in Ship Chartering and Shipyard operations.

• Management anticipated a positive FY2023 finish, subject to unforeseen circumstances.

Financial highlights

• 3QFY2023 revenue rose 28.9% YoY to S$36.8m from S$28.5m; gross profit increased 47.2% to S$14.2m from S$9.7m.

• 9MFY2023 revenue rose 65.1% YoY to S$92.7m from S$56.2m; gross profit increased 78.9% to S$31.9m from S$17.8m.

Outlook and guidance

• OSV vessels expected to maintain high average utilisation, supported by demand from offshore wind farms and oil and gas.

• Shipyard expected to continue operating at high utilisation; management anticipated a positive FY2023 finish, subject to unforeseen circumstances.