The counter ends the day at S$0.075, after increasing by as much as 6.7% in a flurry of buys on Thursday morning
[SINGAPORE] Shares of Marco Polo Marine enjoyed a short-lived rally on Thursday (Sep 18), after the integrated marine logistics company announced that it had clinched S$100 million in order book wins.
A flurry of buys on Thursday morning saw the counter increasing as much as S$0.08 or 6.7 per cent. But the excitement petered out, and the stock ended the day unchanged at S$0.075.
The company announced on Wednesday that it had secured ship-chartering order book contracts worth around S$100 million as at Jun 30 – the end of its third quarter.
Additionally, the completion of its fourth dry dock will enhance shipyard capacity and is expected to contribute to its performance for Q4 FY2025 and in FY2026, the group said in an update on its ship-chartering operations.
In August, the company reported that its Q3 gross profit dropped 4 per cent to S$14 million, from S$14.6 million a year earlier. Its gross earnings declined, despite its profit margin rising to 44 per cent from 42 per cent.
Revenue also dropped 9 per cent year on year, to S$31.7 million from S$34.9 million in Q3 2024. This was driven by lower contributions from its shipyard operations and rechartering income from third-party vessels in Taiwan.
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In the Wednesday update, Marco Polo Marine noted that revenue from rechartering vessels in Taiwan “remains subdued” amid project phasing.
However, the addition of new crew-transfer vessels and the income from the commissioning of service operation vessel Wind Archer – which began generating income in April – are expected to contribute for the rest of FY2025 and in FY2026, it added.
