43
MarineOffshore
2013
2012
%
$’000
$’000
chg
Revenue
83,299
98,244
-15%
EBITDA
21,475
21,534
-
Pre-tax Profit
20,295
20,040
1%
TheGroupwitnessed a slowdown inorder intake beginning in July 2012 and lasting through to themiddle of 2013, primarily
due to theEurozone crisis,USfiscal cliff, and tight creditmarketswhichweighedheavilyon the industryduring FY2012.Hence,
the net order book peaked at US$64million at the end of June 2012, before declining to a low of US$33million as at June
2013. Since July 2013, the Group saw an influx of orders, and the net order book has since improved to US$54million as at
31December 2013. These orders are expected to be completedwithin the next 12 to18months.
Consequently, the Group recorded lower Marine Offshore revenue due to lower revenue recognition from new projects that
were secured in FY2013. However, due to higher margins on projects, and a foreign exchange gain, pre-tax profit from
MarineOffshore improved by amarginal 1% to$20.3million.
