PUBLICLY-LISTED shipyard operator Keppel Philippines Marine Inc. said earnings more than doubled from April to June this year since it accepted more shipbuilding and fabrication projects during the period.

In its disclosure to the Philippine Stock Exchange (PSE), the company, which has facilities in Batangas, Cebu and Subic, reported that its net income—soaring to more than 100 percent to P133.7 million—was propelled by orders to construct ships.

Although the company usually has more ship repair projects than actual vessel orders—with a ratio of six to four—Keppel said its shipbuilding activities accounted for 61 percent of its total revenues worth P982.9 million. The rest came from ship repairs.

Without mentioning projects, the company said shipbuilding operations brought in revenues worth P600.86 million—more than half of which were foreign orders—while P382.1 was earned from ship repairs.

The company said that the share of revenues from its associated companies decreased by P1.4 million, mainly due to the lower contribution of Subic Shipyard and Engineering, of which Keppel owns 38 percent.

It said the company’s accounts payable and accrued expenses went up by 15 percent or P185.6 million due to higher purchases on account. Its income tax payable also increased from P25.4 million to P47.6 million due to higher provision for income tax for the quarter, while advances from affiliates also increased by 97 percent or P31.2 million due to higher management fees, it said.

Currently, only 25 percent of Keppel Marine’s orders come from the local market while the rest are sourced from abroad, the bulk of which originated from its parent company the Keppel Group of Singapore.

Last May, the company said that it wanted to have more local customers, targeting tanker operators which need to convert their vessels to double hull by next year so that the company will be able to attain a balance of domestic and international customers.

Share prices of Keppel Philippines Marine Inc. was unchanged at P1.90 during Tuesday's trading at the PSE.

PUBLICLY-LISTED shipyard operator Keppel Philippines Marine Inc. said earnings more than doubled from April to June this year since it accepted more shipbuilding and fabrication projects during the period.

THE Philippine Ports Authority (PPA) is expected to release a new bidding policy along with the second-auction invitation for the privatization of the Manila North Harbor during the week.