SHIPYARD operator Keppel Philippine Marine, Inc (KPMI) posted a 224% rise in consolidated net profit to P545.42 million in the second quarter from P168.24 million last year. This is despite lower than expected activity in the shiprepair industry.
From January to June, net profit also rose 69%, from P353.43 million to P598.35 million.
Consolidated revenues reached P1.02 billion for the second quarter from P486.54 million in the same period last year. Of the total revenues, Subic Shipyard turned in P713.93 million and Batangas shipyard, P307.44 million.
The shiprepair and conversion business contributed 90% to revenues while shipbuilding and fabrication accounted for the remaining 10%. Subsidiary Keppel Cebu remained dormant.
Operating profit for the second quarter hit P143.34 million, up 19% from the same period last year due mainly to the contribution of Subic shipyard.
Other income was higher by P531.09 million to P544.80 from only P13.70 million because of the sale of equity investments in Keppel Cebu and the sale of fixed assets at the Cebu yard last May.
The share of associated companies from April to June skidded 94% from P47.09 million to P2.69 million.
For the same period in review, Batangas shipyard repaired 19 vessels — 13 local and six foreign — and contributed revenues of P291.28 million, 34% less than last year’s P441.30 million due to fewer repair jobs.
Subic shipyard repaired 16 foreign vessels and contributed repair revenues of P629.99 million from April to June.
“The demand for shiprepair markets for both local and foreign vessels will continue to be weak as a result of a weak global shipping market,” KPMI said.
