Marco Polo Marine has reported a 153% jump in first quarter gross profit on the back of higher ship repair volumes and the commencement of newbuilding projects.
The Singapore-listed company posted a gross profit of SGD 6.6m ($4.5m) for the first three months of its 2023 financial year versus the SGD 2.6m achieved 12 months earlier.
The shipyard and offshore vessel operator said in a voluntary business update that revenue for the period nearly doubled to SGD 23.7m
