MEETING IN PROGRESS: (from left) Mohd Jamil, Pauline, Choo Chin, Nai Hoh, Kiing Yiing, and Ling are seen at the meeting. TAS Offshore believes that the current RM402 million contracts at hand will contribute positively to the group’s financial years 2014 and 2015 growth.
SIBU: TAS Offshore Bhd (TAS Offshore) believes that the current RM402 million contracts at hand will contribute positively to the group’s growth during financial years 2014 and 2015.
Its non-independent managing director Datuk Lau Nai Hoh said during the TAS Offshore Annual General Meeting at Tanahmas Hotel yesterday that the company performed encouragingly for the financial year ended on May 31, 2013.
He added 2014 would be a challenging year for the company, but is still optimistic and the board would continue to cautiously work towards securing better and more projects and profits for the shareholders.
According to Lau during the AGM, TAS Group recorded a revenue of RM138 million for 2013, an increase of RM36 million or 35 per cent compared with RM102 million the previous year.
“Profit before taxation for 2013 improved by RM1.30 million to RM16.7 million, as compared to 2012. For 2013, the profit after taxation rose to RM13.5 million, an increase of RM2.3 million or 20 per cent as compared to RM11.2 million reported for 2012,” he explained.
Lau further said that the improvement in performance was mainly due to the increase in the sale of anchor handling tug supply vessels which carry higher sale value and thus, resulted in better profit figures.
“The improvement enables us to register better earnings per share of 7.65 sen and to increase net asset per share to 84.58 sen as compared to the corresponding figures of 6.34 sen and 78.52 sen recorded for 2012,” he pointed out.
Lau said TAS Offshore had delivered 15 vessels to the its customers last financial year, namely 12 tugboats, one harbor tug, one landing craft and one anchor handling tug supply vessels.
With the recovery of global economic, he anticipates a better second half of 2013 to continue into 2014.
Lau said the company expected overall growth in demand for oil and gas and the demand for offshore support vessels is also expected to increase in tandem with the increase in offshore deep sea exploration and production activities.
“We are optimistic in our outlook that new demand for offshore support vessels with higher technical specifications suitable for deep sea operation will grow.
“We are pleased to inform that we have already moved along this direction to cater for the demand growth and going forward, we will expand our built-for-sale activities,” he said.
Also present at the event were TAS Offshore deputy managing director Lau Choo Chin, independent non-executive director Tan Sri Dato Seri Mohd Jamil Johari and Ling Ka Chuan, senior independent non-executive director Lau Kiing Yiing, and secretary Pauline Kon Suk Khim.