Penguin International, the integrated marine and offshore services group with interests in shipbuilding, ship owning and ship operating, reported net profit attributable to shareholders fell 64.9% to $0.8 million for the three months ended 31 March 2010 (1Q10) largely due to foreign exchange losses versus $2.2 million in the corresponding period last year (1Q09) when it registered foreign exchange gains.

Revenue rose 21.3% to $21.7 million, buoyed by higher shipbuilding and chartering revenue, and partially offset by a decrease in bunkering sales. In the latest quarter, shipbuilding and chartering accounted for 30% and 64% of group revenue respectively, versus 25% and 67% respectively in 1Q09.

The rise in shipbuilding revenue came from increased progressive revenue recognition from the construction of three Fast Supply Intervention Vessels (FSIV) and two Safety Standby Rescue Vessels (SSRV).

Penguin ended the quarter with cash holdings of $32.2 million - a rise of $6.9 million from 31 December 2009 – as well as a low gearing ratio of 14.5%.

Looking ahead, the group expects to secure new shipbuilding contracts and charters, particularly from customers operating in the offshore oil and gas sector.