PERTH, Western Australia: Neptune Marine Services Limited (ASX: NMS, Neptune or the Company) has reported a profit from continuing operations before tax of $1.201 million for the 6 months to 30 September 2015 (September 2014: profit of $2.343 million). The consolidated profit of Neptune for the period after providing for income tax amounted to $1.815 million (September 2014: profit of $1.764 million).
Revenue for the half was $63.970 million, slightly down on the prior corresponding period (September 2013: $66.883 million) due to the challenging market conditions. Profits were further impacted with some one-off items including relocation expenses, asset write offs and costs associated with restructures to the business.
Neptune’s Chief Executive Officer, Robin King said: “I am pleased we were able to report a profitable first half in the current economic climate. In addition, our financial indicators remain positive with strong working capital, low levels of interest bearing debt and a solid cash position. However, the second half of the year continues to look challenging as oil prices remain low and the industry continues to be under significant pricing pressure.”
Please click here to view the half year report.