Penguin International, the integrated marine and offshore services group with interests in shipbuilding, ship owning and ship chartering, posted a 17.3% fall in net profit to $7.3 million in the full year ended 31 December 2009 (FY09) without significant contribution from vessel sales.

Revenue rose to $114 million in FY09 from $98.4 million in FY08, due largely to higher shipbuilding and charter revenue, and partially offset by a decrease in bunkering sales.

The group’s ferry and offshore charters, as well as shipbuilding and repair activities, each accounted for 47% of group revenue.

Other operating income — consisting mainly of vessel sales — fell 53.4% to $4.8 million in FY09 from $10.3 million.

The group’s fleet size increased to 62 vessels at the end of FY09 from 49 vessels at the end of FY08. The increase was due largely to the acquisition of additional shares in Penguin Marine Boats Service LLC, which resulted in the Dubai-based joint venture becoming a subsidiary of the group.

Earnings per share for 4Q09 and FY09 were 0.25 cents and 1.13 cents respectively, while net asset value per share was 19.15 cents as at 31 December 2009.