Vallianz Holdings, a provider of offshore support vessels to the oil and gas industry, said profit surged by more than 400 percent in the second quarter, boosted by higher operating profits and the absence of an impairment charge of US$1.62 million recorded last year.
Vallianz Holdings reported a net profit of US$5.3 million for the three months ended September 30 compared to US$924,000 from the same period a year earlier.
Revenue dropped 24.8 percent to US$41.2 million. This was due to the completion of various one-time vessel management projects in the second half of 2016 which were partially offset by the commencement of new contracts with a key customer since the first quarter of 2017/18, said Vallianz.
Gross profit margin improved to 24.6 percent in the quarter from 21.7 percent in the corresponding period last year.
During the quarter, the group's core chartering and brokerage services accounted for 90 percent of its total revenue, marking an improvement over the 68 percent previously.
Revenue derived from the chartering and brokerage services remained steady at US$37.10 million in the second quarter compared to US$37.26 million last year.
Net asset value per share stood at 4.3 US cents as at September 30, slightly higher than 4.17 US cents as at March 31.
Shares in the company jumped 12.5 percent to S$0.018 on the Singapore Exchange.