Neptune Marine Services Limited (ASX: NMS, Neptune or the Company) has reported a profit from continuing operations before tax of $6.219 million (March 2013: loss of $16.865 million) for the financial year ending 31 March 2014. The consolidated profit of Neptune for that period after income tax amounted to $4.75 million (March 2013: loss of $17.337 million). Revenue for the year was $135.920 million (March 2013: $87.534 million).
The 2013 comparative results were based on a 9 month period ending 31 March 2013 following the Company changing its annual balance date to 31 March to align with its ultimate parent company, MTQ Corporation Ltd in Singapore.
Some key milestones achieved during the year include:
Successful completion of Neptune’s largest ever integrated vessel campaign on-board the Crest Odyssey II, including inspection, repair and maintenance scopes in Australia;
Four repair projects globally utilising NEPSYS® patented dry underwater welding technology;
Purchase of a new light work class TMS Comanche Remotely Operated Vehicle (ROV); and
Expansion of the Asset Integrity business into a new base in Darwin, Northern Australia.
Neptune’s CEO Mr Robin King said “These results mark a significant improvement in the Company’s financial performance compared with recent prior financial years. It is pleasing to report consecutive profitable halves and a solid revenue base.”
“The oil and gas broader energy sector remains robust and Neptune’s pipeline of future project opportunities is encouraging. We are focussed on increasing our bidding activity for larger scale and longer term integrated projects. We have now demonstrated our ability to perform such projects and will utilise this experience to pursue further similar works.”
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