KUALA LUMPUR: Sealink International Bhd saw net profit for its third quarter (3QFY09) decline by 48% year-on-year to RM10.4 million from RM20 million.

Revenue fell to RM61.6 million from RM83.3 million for the same period.

According to the notes accompanying the announcement, the lower net profit was due to the timing of the sale of offshore support vessels (OSV).

On a cumulative basis, for 9MFY09, Sealink reported a net profit of RM41.8 million compared to RM50.2 million from the previous year’s corresponding period.

Going forward, Sealink is cautiously optimistic about the OSV industry but admitted that the road to recovery may be longer than expected.

“We believe that Petronas may announce the awards for OSV contracts in the near future. These awards would be timely for the group as it has several OSVs that will be delivered in the first half of 2010,” said Sealink. Also due next year are the group’s ship repair facilities that will contribute additional revenue.

This article appeared in The Edge Financial Daily, November 24, 2009.