Teho, one of the leading suppliers of rigging and mooring safety equipment in the region for the marine and offshore industries, has posted a 48% year-on-year increase in 1H2012 net profit to S$1.7 million.

Group revenue increased 3.9% and reached S$17.5million, thanks to a higher contribution from the marine sector. Singapore contributed over 80% to Group revenue.

“We expect the offshore oil & gas sector will continue to exhibit resilience and growth in the near future. Demand for natural resources has stimulated trans-shipment services within the South-East Asian and the Australasian regions,” said Chairman and CEO Lim See Hoe (photo above).

Gross profit margins improved by 4.2 percentage points to 32%, as there were improved selling prices and lower material procurement costs due to a relatively weaker USD/SGD.

The Group had net cash reserves of S$7.9 million as at 31 December, with net gearing at only 11.0%