ASL Marine Holdings, the integrated marine company offering services in shipbuilding, shiprepair and conversion and shipchartering, says it registered a 30.6% drop in total revenue to $81.4 million for the three months ended 30 September 2010 (1QFY2011). Net profit attributable to equity holders also fell 32.3% y-o-y to $8 million.

Shipbuilding revenue of $49.0 million in 1QFY2011 was 31% lower mainly due to lesser number of projects undertaken and comparatively lower order book. The segment’s gross margin remained stable and it was marginally higher at 9.2% in 1Q FY2011.

Revenue from shiprepair and conversion segment declined by 37.9% in 1QFY2011 to $17.4 million due to absence of larger ship conversion jobs undertaken in 1QFY2010. The segment’s gross margin declined from 22.7% to 18.2% mainly affected by continued pricing pressure.

Owing to weak demand for towing jobs, revenue from shipchartering operations was 18.1% lower at $15.0 million in 1QFY2011. The gross profit margin for this segment declined from 23.5% to 21.1% mainly due to lower charter earnings.

The group’s fleet size stood at 179 vessels as at 30 September 2010, compared to 190 vessels as at 30 September 2009.

Gross profit fell 35.2% to $10.8 million due to lower revenue recorded by all three business segments of shipbuilding, shiprepair and conversion and shipchartering.

Amidst subdued demand for new orders, the group recently secured 6 shipbuilding orders comprising offshore support vessel and barges worth $29 million. This brought the group’s shipbuilding order book to $303 million comprising 50 vessels including offshore support vessel, diving support vessel, tugs, self-propelled cutter suction dredgers, barges and other vessels. These 50 vessels are scheduled for progressive deliveries up to first quarter of 2012.

ASL Marine expects the operating environment for its shiprepair and shipchartering operations to remain highly competitive. Despite this, the group expects to remain profitable for the financial year ending 30 June 2011.