SINGAPORE (Feb 12): Vallianz Holdings, the provider of offshore support vessels (OSV) in the Middle East, reported 3Q17 earnings increased 26.1% to US$5.9 million ($7.8 million) from US$4.7 million.
Group revenue in 3Q17 grew 29.6% year-on-year to US$53.64 million due mainly to the commencement of new charter contracts with a key National Oil Company (NOC) customer in the Middle East and revenue contributions from provision of vessel management services.
A reduction in depreciation expenses and the group’s strategic focus on its core chartering and brokerage services business drove an expansion in its gross profit margin to 33.4% in 3Q17 compared to 26.7% in 3Q16.
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