Published: Monday November 26, 2012 MYT 11:01:00 AM
Updated: Monday November 26, 2012 MYT 12:23:25 PM

Sealink advances after securing RM113m contracts

By Joseph Chin

KUALA LUMPUR: Low-key Sealink International Bhd's share price rose on Monday after it secured contracts worth RM113mil, which was 61% of its market capitalisation of RM185mil.

At 10.32am, it was up 1.5 sen to 38.5 sen with 40,000 shares traded at prices ranging from 38.5 sen to 39 sen.

The FBM KLCI was up 0.69 of a point to 1,615.01. Turnover was 308.25 million shares valued at RM191.98mil. There were 165 gainers, 204 losers and 234 counters unchanged.

Last Friday, Sealink announced it secured contracts totaling RM113mil consisting of contracts for the sale of two offshore support vessels for RM42mil and long term charters for four vessels totaling RM71mil.

At 39 sen, it was trading at a price-to-earnings of 14.02 times. Its 52-week high was 49 sen on Jan 1, 2012 and 52-week low was Sept 18 at 31.5 sen.

Sealink recorded net profit of RM3.748mil in the third quarter ended Sept 30, 2012 versus RM2.303mil a year ago. Its revenue was RM28.73mil compared with RM68.09mil.

For the nine months, its earnings were lower at RM12.17mil versus RM16.89mil a year ago. Its revenue shrunk to RM94.43mil compared with RM166.49mil.

However, it had borrowings of about RM400mil. Its long-term borrowings were RM245.59mil as at Sept 30, 2012 and short-term borrowings at RM154.97mil.

Its cash and cash equivalents had increased from RM81.70mil on Dec 31, 2011 to RM116.73mil as at Sept 30, 2012.

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