Neptune expecting to stay in the black

Neptune Marine says it is expecting a profit in the second half of this financial year, despite a slight drop in revenue.

The Perth-based oil and gas contractor announced today revenue would come in at around $56 million for the second half of the financial year, after making a profit of $1.28 million on $60.5 million in revenue in the first half of the year.

Neptune chief executive Robin King said the company was pleased to report a positive cash flow for the year.

“Operationally, Neptune has successfully completed the restructuring plan during the year and continues to focus on efficiencies and building a robust business going forward,” Mr King said in a statement.

“However, all of the elements of the business will continue to be reviewed to achieve the level of profitability that delivers shareholder value.”

At close of trade, Neptune stocks were steady at 2.2 cents.