Marco Polo Marine has reported a near 20% jump in second-half net profit on the back of a major improvement in the offshore markets.

The Singapore-listed company posted net income of SGD 10.5m ($7.6m) for the six-month period versus the SGD 8.8m achieved 12 months earlier.

No dividend was declared for the period under review, with the company saying it would like to “conserve cash” for its capital expenditure requirements in the coming financial year.