Vallianz reports net profit of US$4.6mln in Q2 2015
Vallianz Holdings Limited, a fast growing provider of offshore support vessels and integrated marine solutions to the oil and gas industry, has remained firmly in the black despite weaker business conditions in the global offshore oilfield services market. The Group today reported a net profit of US$4.6 million for the three months ended 30 June 2015. The Group’s revenue continued to grow strongly in 2 Q2015 with a gain of 68.6 % to US$ 65.0 million.
The better top line performance came on the back of higher revenue from its offshore support vessel chartering operations as well new revenue streams from subsidiaries acquired in the last quarter of 2014. This drove the Group’s gross profit up by 27.9 % to US$1 7.8 million in 2Q2015. The Group’s EBITDA (earnings before interest, depreciation and amortisation) for 2Q2015 climbed 44.1% to US$21.3 million.
At the bottom line, higher finance costs and foreign exchange loss reduced the Group ’s net profit by 2 0.9 % in 2Q2015 . Nonetheless , Vallianz posted a respectable net profit of US$10.1 million for the six months ended 30 June 2015 on the back of a 89.8% jump in revenue to US$125.7 million. The Group’s EBITDA in HY2015 also strengthen ed with an increase of 58.6 % to US$ 41.2 million compared to US$ 26.0 million in HY2014.
