Neptune up despite $296k net loss

Shares in Neptune Marine Services have risen after the company said activity levels were picking up, as it today reported a $296,000 loss for the half-year.

The net loss for the six months to the end of December compares with the $12.9 million net profit reached in the previous corresponding period.

Normalised net profit after tax for the period reached $1.3 million while revenue dipped 11 per cent to $84.3 million.

Neptune chief executive and managing director Christian Lange said the main impact on first half earnings was the sharp decline in activity in the US and South East Asia, and low utilisation rates of the company's two vessels.

However, both vessels have subsequently been contracted in Qatar and in Thailand.

"Activity in the US and South East Asia is also improving and we expect a significant increase in profitability in the second half," Me Lange said.

At the end of the reporting period, Neptune had $37 million cash in the bank and a net debt to net debt plus equity ratio of 8 per cent.

Shares in Neptune closed up 3.5 cents to 44c today.