Jaya Holdings, the offshore chartering and shipbuilding company providing essential support services to the oil and gas exploration and production (E&P) industry, says net profit attributable to equity holders for the third quarter ended 31 March 2010 (3QFY10) amounted to $4.6 million, a decrease of 79% over the previous corresponding quarter. The figure includes $3.3 million of costs relating to the group’s restructuring exercise and $9.2 million from writeback of cancellation/deferment costs.

In 3QFY10, Jaya reported consolidated revenue of $10 million, 86% lower than that of the previous corresponding quarter (3QFY09).

The Offshore Shipping Division revenue was lower mainly due to a reduced fleet size of 20 vessels as compared to 24 vessels a year ago as a result of higher vessel sales in previous quarters. Soft market conditions for charters resulted in lower fleet utilisation of 54% for the quarter under review compared to 77% in the previous corresponding quarter, and a lower average daily vessel charter rate of $10,563 compared to $11,378 in the previous corresponding quarter. This was partly due to a vessel undergoing repair works during the quarter which is now back on charter.

No revenue was recorded for the Shipbuilding Division for the quarter under review as there were no new vessel sales due to the timing of receipt of contractual commitments from customers which slipped into the subsequent quarter.

Jaya says the successful restructuring of the group’s borrowings, the reconfiguration of its new vessel building programme and cash accumulated through vessel sales have placed the group in a stronger financial position to capitalise on a sustained recovery of the offshore oil and gas sector when it happens.