Jason Marine turns around in FY17 despite lower revenue

JASON Marine Group reported a net profit of S$363,000 for the full year ended March 31, against a net loss of S$6 million a year ago.

This turnaround came despite a 10.8 per cent drop in revenue to S$33.16 million, largely because of lower demand for repair, maintenance and airtime services.

The improved earnings were supported by the group's ongoing efforts to reduce costs and increase operational efficiency, the marine and offshore system integrator said.

"We operate in a highly cyclical industry, and the past three years have been especially difficult. Looking ahead, we expect the next 12 months to remain challenging," said group executive chairman Joseph Foo.