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SINGAPORE: Mainboard-listed marine supply and logistics firm, Sinwa, said its third quarter net profit more than doubled to S$5.1 million from a year ago.
This was despite a 7.4 per cent drop in revenue for the three months ended September to S$32 million.
It said the improvement in profitability is largely due to higher contributions from the charters of its two jointly-held offshore vessels.
The company's Australia operations registered both top and bottomline growth in the quarter.
Looking ahead, the company expects to further leverage on its two new warehouses in Perth and Karratha to grow its marine and offshore business in Western Australia.
In Singapore, Sinwa said its marine supply business remains profitable. It is cautiously optimistic that revenue will increase in line with the modest economic recovery that is currently underway.
- CNA/so
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