CHO back in black

CH Offshore has put a bad 2013 behind it to return to profit for latest financial year, figures released by the shipowner show.

The Singapore PSV and anchor handler operator has reported a net profit of $25m. A year ago bad debts forced it to report a loss of $7m.

Revenue for the full-year was down 26.5% to just over $35m; however costs over the same period fell by 42.4% to $4.5m.

The lower operating costs were mainly due to the reversal of provisions for demobilisation costs of $2.68m made during the previous financial year.

CH Offshore said the reduction in operating costs was also due to more of its vessels operating on bareboat charters.

Looking ahead CH Offshore said four of its vessels are expected to undergo mandatory dry docking over the next 12 months.

“Apart from this, the group fleet continues to maintain a healthy utilization as the OSV market is relatively stable,” it said.

Shareholders have also been rewarded with a bonus dividend of SGD 0.02 on top of the regular dividend of SGD 0.02.

Combined with the interim dividend of SGD 0.005 CH Offshore’s shares are offering a yiled in excess of 9%.

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