Neptune Marine Services (NMS) reported first half 2009 revenues of $95 million versus $31.7 million in H1 2008. Income from continuing operations, excluding non-cash charges, was $15.6 million, representing diluted earnings per share of 5.1 cents versus 1.0 cent for the same period last year. Operating cashfows for the period were $6.4 million versus $4.2 million for the first half of 2008.
Neptune’s Managing Director and CEO, Christian Lange, said the result was particularly encouraging in light of the current global economic climate. “As previously outlined, Neptune has not experienced a material impact to date, as the majority of our revenue is derived from continued investment in brownfield infrastructure and producing assets,” he explained. “Additionally, it is worth noting that revenues for the first six months include only three months contribution from the Neptune Trident Offshore Vessel.”
Tags: Neptune Marine Services, NMS, profit increase, Record Profit
