EOC Limited (EOC or the Group) has started its latest financial year on a firm foundation with a fourfold jump in net attributable profit to US$3.0 million for the first quarter ended 30 November 2013 (1QFY14).
During the quarter, the Group's revenue also increased by 5% to US$11.1 million. Most of EOC’s revenue is now derived from recurrent income from the long-term charters of its construction fleet. However, a growing portion of its sales is expected to come from fee- based project management as well as engineering, procurement and construction services to the offshore production sector, in line with its renewed strategic focus. EOC's Acting Chief Executive Officer, Mr Jon Dunstan, said: “This set of results is the fruit of our concerted efforts to improve the Group's profitability and strengthen its balance sheet. We are determined to grow both our recurrent as well as our services fee income base.”