Mainboard-listed Marco Polo Marine, the integrated marine logistic group, says the group recorded a 39% increase in revenue from $15.8 million in 3Q FY2009 to $22.0 million in 3Q FY2010 due to improved performance from both ship chartering and shipyard operations.
The increase also contributed to 9M FY2010 revenue growth of 24% to $49.5 million. For the 9-month period, ship chartering revenue rose 46% to $26.5 million as the group expanded its operating fleet size from 46 to 60 (excluding the 24 vessels co-owned with Glencore International under MPST Marine Pte Ltd). Revenue from shipyard operations gained 6% to $23 million mainly due to higher ship repair activities following the full operations of the two dry docks from the beginning of FY2010.
