$Mermaid Maritime (DU4.SG)$ Mermaid Maritime has posted reco...

Mermaid Maritime has posted record earnings of US$6.9 million ($9.3 million) for the 3QFY2023 ended June 30, more than doubling its earnings of US$3.1 million in the same period last year.

For the same period, revenue increased y-o-y by US$19.4 million or 29.5% to US$85.2 million resulting from an increase in subsea inspection, repair, maintenance (IRM) and diving works, as well as transport, installation and decommissioning projects that began during the quarter.

Consequently, the cost of services rendered also increased y-o-y by US$14.1 million or 24.5% to US$71.7 million.

The company's net cash flow from operations was US$8.1 million as a result of higher profits generated during the period.

As at end-Sep, Mermaid Maritime's cash and cash equivalents stood at $US12.4 million, with an order book exceeding US$697 million.

The company notes that despite concerns surrounding global macroeconomic conditions, the expectations for a soft landing and improved conditions could contribute to the "upward trajectory" of the subsea sector.

"The market uptick has resulted in our owned, jointly-owned and chartered-in fleet achieving their targeted utilisation figures. The immediate outlook remains highly optimistic, with construction engagements actively mobilising," says the company.