The Singapore shipowner said net profit to 31 March was just $21,000, down from $36.67m in 2014.
Revenue grew to $57.58m against $52.92m, driven mainly by its offshore supply vessels and accommodation units.
But operating costs rose and 2014’s bottom line was boosted by a gain of $25.9m from the sale of five ships.
Losses incurred by the group’s Mexican joint ventures also knocked $5.3m
