Mermaid Maritime Public Company Limited reported a net profit of US$16.6 million for the three months ended Sept 30, 2025, a thirteen-fold jump from the US$1.1 million posted a year earlier, as reduced service costs and a sharp fall in foreign-exchange losses buoyed bottom-line performance despite only a marginal rise in turnover.

Earnings per share rose to US$0.0088 from US$0.0008 in the comparable quarter. The group did not declare any dividend for the period.

Revenue from rendering of services edged 2.2 per cent higher year-on-year to US$153.4 million. Cost of services fell 6.8 per cent to US$129.2 million, expanding the gross margin. Administrative expenses were broadly flat at US$6.7 million, while net foreign-exchange loss narrowed sharply to US$0.1 million from US$2.7 million a year ago. Finance costs increased to US$2.6 million from US$2.2 million, reflecting higher borrowings.

By segment, the subsea services division remained the principal earnings engine. For the nine months to September, the arm generated US$383.0 million in revenue, accounting for the group’s entire top line, and delivered operating profit of US$3.6 million. The holding segment contributed US$4.6 million in operating profit over the same period, but higher finance expenses reduced consolidated nine-month pre-tax profit to US$1.7 million from US$5.7 million a year earlier.

Headwinds persisted over the first nine months: group revenue slipped 3.3 per cent to US$383.0 million, and net profit declined to US$1.2 million from US$4.4 million, weighed by softer demand in key markets and higher financing charges. Foreign currency volatility also resulted in a US$2.5 million loss for the period, up from US$2.2 million a year ago.

During the quarter the company raised US$43.4 million through a rights issue of 477.4 million new shares, bolstering its equity base and liquidity ahead of upcoming vessel and remotely operated vehicle acquisitions valued at about US$2.6 million. Post-quarter end, shareholders approved a loan-restructuring agreement with parent Thoresen Thai Agencies for facilities of up to US$70 million at a seven-per-cent annual interest rate with a five-year tenor, aimed at optimising the capital structure and supporting working capital needs.

Looking ahead, Mermaid Maritime continues to invest in new joint ventures to expand its footprint in offshore wind and subsea construction markets, including recent stakes in Taiwan-based Mermate Co. and Equatorial Guinea’s Mermaid EG SA. Management expects these strategic moves, coupled with the strengthened balance sheet, to position the group for growth amid a gradually improving offshore services market.