ASL Marine Holdings, the integrated marine company offering comprehensive services in shipbuilding, shiprepair and conversion and shipchartering, reported a revenue of $468.4 million and a net profit of $37.3 million for the twelve months ended 30 June 2010 (FY2010).

The group recorded a 7.6% increase in revenue to $468.4 million for FY2010 mainly due to higher contributions from the shipbuilding and shiprepair and conversion operations and despite lower revenue from the shipchartering operations.

Revenue from shipbuilding operations increased by 13.5% in FY2010 to $306.3 million mainly due to progressive recognition of larger projects undertaken.

Shiprepair and conversion operations recorded a 28.4% increase in revenue to S$89.1 million for FY2010. The increase was mainly attributed to increased number of larger shiprepair and conversion jobs undertaken.

Revenue from shipchartering operations declined by 24.1% to $73.0 million in FY2010 and the segment recorded a lower gross profit margin of 23.4%. The decline was due to the impact of lower vessel utilisation rate and continued pricing pressure attributed to weaker market demand during the year. The group’s fleet size stood at 177 vessels as at 30 June 2010, compared to 189 vessels as at 30 June 2009.

The group recently secured new shipbuilding contracts for 30 vessels worth $55 million comprising tugs, pipe-lay barge and other barges. With these new orders, the group currently has an outstanding shipbuilding order book for external customers of $327 million comprising 47 vessels.