Mermaid Marine has reported a 35 per cent increase in net profit for the six months to December 31, driven by an “exceptional performance” by the company’s Australian fleet.
The Perth-based company announced today a 44 per cent increase in revenue to 193.1 million over the half year, up from 134.5 million in the previous corresponding period.
Mermaid Marine chairman Tony Howarth said the oil and gas market remained buoyant, which would drive demand for the company’s services.
“Competition, however, continues to increase as international vessel operators move in to take advantage of strong activity in the region,” Mr Howarth said.
“Doing business in the north west of Australia continues to present challenges, with increasing costs and industrial action on the Dampier Supply Base impacting our first half result.
“MMA, with its modern fleet and recently expanded supply base offering, remains well-placed to continue to grow earnings and benefit from activity in the region.”
At close of trade today Mermaid stocks were up 1.8 per cent, at $3.27.