Tax expenses dampened increases in revenue, gross profit.
Increased revenue and gross profit were just not enough for Vallianz as climbing tax costs sent the company’s FY15 net profit slipping marginally to US$20.1m, from FY14’s US$20.4m last year.
According to the company’s media release, Vallianz’s FY15 revenue stood at US$232.6m, reflecting a 51.3% YoY jump. This is thanks to increased revenue from the company’s offshore support vessel (OSV) chartering and brokerage business, as well as new revenue streams from subsidiaries bagged in the last quarter of 2014.
Gross profit also shot up 17.7% to US$65m, though gross profit margin for the year slumped to 27.95% from 35.9% in FY14 due to a shift in Vallianz’s revenue mix and fleet expansion.
Looking ahead, the company is focused on keeping a steady footing to overcome the sustained difficulties in the offshore marine industry.
Further, Vallianz is also looking to solidify its position as a major OSV provider and explore opportunities to broaden its presence in the Middle East. The company is currently bidding for charter contracts with a total value of US$1.8b mainly for projects within the region.
Vallianz also asserts that it is bracing for opportunities in other target markets like Latin America when demand for OSVs begin to rebound.
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