Hoe Leong's net profit jumped 21% to $0.8m in Q3

Thanks to higher contributions from most divisions.

The mainboard-listed manufacturer and distributor of heavy equipment spare parts and provider of offshore support vessels reported that its attributable profit rose 21% to %0.8m in Q3, thanks higher gross profit margins for most of its business divisions.

Overall gross profit margin for the first nine months of 2015 increased to 27% as compared to 17.3% in the same period last year, with gross profit contributions by the Equipment segment and Vessel Chartering segment increasing by S$1.7 million and S$4.9 million respectively in 9M2015. 

"The Group believes that the energy sector will continue to face uncertainty and challenges as oil price volatility has led to a severe scaling down of capital expenditure spending by oil companies. As such, the Group will continue to be vigilant in managing costs and improving operational efficiencies in response to this current market situation," Hoe Leong noted in a release.