Jaya's net profit plunged 24% to USD7.6m

Restructuring measures were also revealed.

According to OSK, Jaya Holdings posted a 24% fall in first quarter net profit to USD7.6m.

Here's more:

However, net profit was up 15% y/y if non-recurring items and gain from a vessel sale are excluded. It reported a USD29.6m consolidated revenue for the three months ended September on the back of the improved utilization of its fleet.

In addition, the group has also announced restructuring measures where five of its dormant subsidiaries have been struck off from the registry of companies. We currently have NEUTRAL rating for the stock with a TP of SGD0.61.

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