Singapore-listed marine electronics systems integrator and support services provider Jason Marine Group posted a full-year profit of SGD3.86 million (USD2.88 million), up 37.2% year on year (y/y), for the financial year 2015.
Revenue increased 12.4% to SGD56.4 million in 2015, as compared with revenue of SGD50.2 million in 2014, while gross profit increased 8.2% y/y to SGD14.7 million in 2015.
The increase in earnings were due to higher revenue contribution from the company’s sale of goods segment, which increased by approximately SGD5.4 million or 14.1% from SGD38.3 million in 2014 to SGD43.7 million in 2015 resulting from more project deliveries during 2015.
Similarly, the company’s airtime revenue increased by approximately SGD1.4 million or 44% from SGD3.2 million in 2014 to SGD4.6 million in 2015 as a result of an increase in the airtime services taken up by its customers. In addition, Jason Marine recorded an increase in other income, mainly from a net exchange gain of SGD0.9 million.
However, Jason Marine’s revenue from its rendering of services decreased by approximately SGD0.6 million or 6.7% from SGD8.7 million in 2014 to SGD8.1 million in 2015 as lesser service work was undertaken during financial year 2015.
“The market environment remains challenging in view of lower oil prices. This is likely to soften demand for our products and services. We continue to focus on strengthening our existing business, and will seek opportunities to create value for our customers by leveraging on technology,” said Joseph Foo, executive chairman of Jason Marine, on the industry market outlook.
In the meantime, the company stated in its filing to the Singapore Exchange that it will actively manage its operational costs for profitability.