Vallianz Holdings, the vessel owning company, reported it achieved a turnaround in net profit of US$42,000 ($54,239) in in the half year ended September 30, 2010 (HY 2010) from a loss of US$545,000 in the half year ended September 30, 2009 (HY 2009).

it also achieved a 25-fold surge in revenue to US$306,000 in the half year ended September 30, 2010 (HY 2010) from US$12,000 from HY 2009.

This increase was mainly attributable to the contribution by the group’s newly acquired subsidiary, Samson Oceanic, following the group’s change in its business focus from consumer electronics products to offshore marine related assets. Gross profit jumped 146-fold to US$294,000 from US$2,000 during the period under review.

Other income decreased by US$12,000 to US$30,000 in HY 2010 mainly due to the absence of one time gain on disposal of held for trading investment securities of US$22,000 recorded in the previous financial period. In line with streamlining of the Group’s operations and transitional changes, there were no more distribution and selling expenses in HY 2010 compared to US$14,000 incurred in HY 2009. There was a decrease in administrative expenses by US$314,000 to US$253,000 in HY 2010, due to lower professional fees such as legal, advisory and consultancy fees.

As at September 30, 2010, the group enjoys a healthy balance of cash and cash equivalents of US$4.12 million.

Vallianz says the group has changed its business focus from consumer electronics to offshore marine related assets. The group has now focused the investment opportunities based on assets secured predominantly against long-term contracts with the focus on assets that can be deployed in the offshore oil and gas industry. The group is cautiously optimistic that the outlook on the oil and gas industry will be positive in the next 12 months, barring any unforeseen circumstances.