PERTH, Western Australia: Neptune Marine Services Limited (ASX: NMS, Neptune or the Company) has reported a profit from continuing operations before tax of $2.343 million for the 6 months to 30 September 2014 (September 2013: profit of $3.183 million). The consolidated profit of Neptune for that period after providing for income tax amounted to $1.764 million (September 2013: profit of $2.871 million).
Revenue for the half was $66.883 million, slightly down on the prior corresponding period (September 2013: $72.557 million) due to the absence of a major vessel campaign. Gross profit margin improved and overall gross profit was almost identical to the prior corresponding period. Neptune’s Chief Executive Officer, Robin King said: “It is pleasing to report another profitable half. The working capital of the Group remains strong and there is very little interest bearing debt. The Group remains committed to its tendering activity, continued expansion of our core capabilities into our other established geographical locations and ongoing investment in new equipment and assets. However the market is becoming increasingly competitive and this will impact the outlook for the second half.”
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