UDL skips payout again

UDL Holdings has turned in a one per cent increase in profit for the six months to September, to $54.91 million from $54.38 million a year ago.

Turnover rose 21.67 per cent, from $619.8 million to $754.16 million, but earnings per share were down, from 9.5 cents to 8.6 cents.

The company is skipping the interim dividend for the second year running.

UDL is engaged in dredging and salvage, contracting and civil engineering, shipbuilding and repairing, structural steel fabrication and building services.

To expand its dredging and reclamation business, UDL paid $15 million to take over Gitanes Engineering Co from the Shui On Group in October.

UDL also agreed to lend money to Gitanes to repay its debts, which amounted to more than $117 million.

Gitanes is engaged in marine-related construction services, mainly dredging and reclamation, and owns a fleet of more than 50 vessels.