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Jaya Holdings, one of my Stock Picks reported its Q1-2011 results. Revenue rose 94% to S$78.2mn while net profit was down slightly by 4% to S$31.3mn. EPS was 4.1 cents compare to 4.2 cents in Q1-2010. NAV per share isS$0.66 compared to S$0.62.
Key highlights in the results:
Shipping
Revenue from the offshore shipping division was S$18.2mn compared to S$21.8mn (down 17%) from weaker because of lower utilisation of vessels at 66% compared to 81% in the corresponding quarter. This was however partially offset by higher average charter rates of S$14,559 compared to S$12915 (a rise of 12.7%). Jaya attributes the rise in charter rates to better fleet composition with a current fleet size of 21 compared to 22 in Q1-2010. The shipping division made net profit of S$16.8mn in Q1-2011 compared to S$34.1mn in Q1-2010 (a decline of 51%)
Ship Building
Ship building revenue rose 224% to S$59.97mn from S$18.5mn. The sharp rise is due to the recognition of the 100% sale of three vessels compared to 22% revenue recognition of two vessels in Q1-2010. Ship building made a strong contribution of S$21.3mn in Q1-2011 compared to S$0.4mn in Q1-2010. Read more...[caption id="attachment_2246" align="alignright" width="150" caption="Photo by Real Buried Treasure"][/caption]
Jaya Holdings, one of my Stock Picks reported its Q1-2011 results. Revenue rose 94% to S$78.2mn while net profit was down slightly by 4% to S$31.3mn. EPS was 4.1 cents compare to 4.2 cents in Q1-2010. NAV per share isS$0.66 compared to S$0.62.
Key highlights in the results:
Shipping
Revenue from the offshore shipping division was S$18.2mn compared to S$21.8mn (down 17%) from weaker because of lower utilisation of vessels at 66% compared to 81% in the corresponding quarter. This was however partially offset by higher average charter rates of S$14,559 compared to S$12915 (a rise of 12.7%). Jaya attributes the rise in charter rates to better fleet composition with a current fleet size of 21 compared to 22 in Q1-2010. The shipping division made net profit of S$16.8mn in Q1-2011 compared to S$34.1mn in Q1-2010 (a decline of 51%)
Ship Building
Ship building revenue rose 224% to S$59.97mn from S$18.5mn. The sharp rise is due to the recognition of the 100% sale of three vessels compared to 22% revenue recognition of two vessels in Q1-2010. Ship building made a strong contribution of S$21.3mn in Q1-2011 compared to S$0.4mn in Q1-2010. Read more...
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Jaya Holdings, one of my Stock Picks reported its Q1-2011 results. Revenue rose 94% to S$78.2mn while net profit was down slightly by 4% to S$31.3mn. EPS was 4.1 cents compare to 4.2 cents in Q1-2010. NAV per share isS$0.66 compared to S$0.62.
Key highlights in the results:
Shipping
Revenue from the offshore shipping division was S$18.2mn compared to S$21.8mn (down 17%) from weaker because of lower utilisation of vessels at 66% compared to 81% in the corresponding quarter. This was however partially offset by higher average charter rates of S$14,559 compared to S$12915 (a rise of 12.7%). Jaya attributes the rise in charter rates to better fleet composition with a current fleet size of 21 compared to 22 in Q1-2010. The shipping division made net profit of S$16.8mn in Q1-2011 compared to S$34.1mn in Q1-2010 (a decline of 51%)
Ship Building
Ship building revenue rose 224% to S$59.97mn from S$18.5mn. The sharp rise is due to the recognition of the 100% sale of three vessels compared to 22% revenue recognition of two vessels in Q1-2010. Ship building made a strong contribution of S$21.3mn in Q1-2011 compared to S$0.4mn in Q1-2010. Read more...
