Marco Polo grows

A stronger showing from both its chartering and shipbuilding arms has boosted first quarter profit at Marco Polo Marine.

A larger fleet and a rise in ship repair contracts accounted for the majority of the additional income.

Singapore-listed Marco Polo banked SGD 4.8m ($3.4m) in the first three months of fiscal 2010, beating the SGD 1.3m of a year ago as revenue rose by a quarter to SGD 12.0m.

It says ship chartering income climbed by 41.8% to SGD 7.8m as its fleet grew from 39 to 51 ships year-on-year.

Shipbuilding returns grew by one fifth to SGD 4.2m, with an additional SGD 1.2m from repairs and SGD 0.5m more from ship construction.

An extra SGD 3.7m was added to the pot following the sale of nine vessels in the quarter.

After its recent expansion and a settling down of the global financial industry, Marco Polo says it is confident revenue will continue to grow this year.

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