Singapore-listed offshore services provider Sinwa posted profit of SGD2.64 million (USD1.9 million) in the second quarter of 2015, an increase of 22% year on year (y/y).
The company’s second quarter revenue climbed 7.4% y/y to SGD40.8 million, while its profit increased 7.7% y/y to SGD9.7 million.
The higher earnings were attributed to the growth in customer base and increased sales volume in the marine and offshore supply business.
Related news:Sinwa posts full-year profit of USD6.7 mil.
Sinwa’s second quarter administrative expenses declined 4.5% y/y to SGD0.3 million and its financial expenses for the quarter dropped from SGD45,000 a year ago to SGD23,000.
“We will remain watchful of any developments in the marine and offshore industry and regularly review our business operations to continue the momentum of our progress. Our operations in Thailand have commenced this year and we look forward to the myriad of opportunities it presents,” said Sinwa CEO Bruce Rann.