Jaya : Results for the Third Quarter ended 31 march 2009

13 Tuas Crescent

Singapore 638707

Tel: +65 6265 1010

Fax: +65 6864 5555

Jaya's higher charter income & better shipbuilding margin help support

3Q FY09 earnings

" Favourable pricing from better fleet composition drives average daily vessel charter rates up 36%

" Net cash generated from operations improves on moderated newbuild programme and stringent cost management

Higher income from chartering and management's continued focus on efficient capital deployment helped support the earnings of SGX-listed Jaya Holdings Ltd (Jaya, or the Group) in the third quarter ended 31 March 2009 (3QFY09).
Jaya's chartering division reported a 9% rise in income to S$19.4 million on the back of a 36% higher average daily charter rate of S$11,378 compared to S$8,360 in 3Q FY08. This was due to a better fleet composition and higher charter rates for some of the vessels which were fixed earlier under stronger market conditions. This enabled the Group to offset its lower shipbuilding receipts, resulting in a 9% dip in total revenue to S$70.1 million.
Net attributable profit (PATMI) at the home-grown offshore shipping and shipbuilding group, on the other hand, fell to S$22.2 million from 3QFY08's S$39.1 million due to lower proceeds from vessels disposal and foreign exchange hedging losses. Excluding these forex losses, Jaya's adjusted PATMI of S$35.6 million in 3Q FY09 was 17% above the previous corresponding quarter's S$30.5 million. For the nine months to 31 March 2009, Jaya's PATMI of S$137.3 million excluding forex hedging losses was 35% higher year-on-year.
Jaya's CEO Mr Chan Mun Lye said: "Market conditions have been challenging and we are pleased to still report credible results for the quarter under review. We are actively taking measures to improve operational efficiencies, keep a tight rein on costs and moderate our new vessel building programme."

13 Tuas Crescent

Singapore 638707

Tel: +65 6265 1010

Fax: +65 6864 5555

"We believe our business model of owning vessels for charter and building ships for sale to third parties remains relevant in today's tough operating conditions. Our prudence in capital and cost management will add to our resilience," he added.
ABOUT THE COMPANY www.jayaholdings.com

Jaya is a highly regarded offshore shipping and shipbuilding firm. Originally a tug and barge operator, it has moved aggressively to refocus its resources on strengthening its current businesses of shipbuilding and ownership & chartering of offshore support vessels.

Under its charter arm, Jaya boasts a versatile fleet of young, sophisticated vessels that cater to the booming oil & gas sector. Its chartering fleet, currently consisting of 24 vessels, service a wide base of high-profile clients across the globe.

Jaya has put in place a newbuilding programme of 50 vessels, with completions targeted for the current and following two financial years. These vessels are mainly anchor handling tug supply vessels (AHTSes) and platform supply vessels (PSVs), but include work barges as well.

Jaya owns three shipyards, located in Singapore, Batam and Nantong Qidong in China with a total capacity of 91.7 acres spanning a total shoreline of 1,250m.

+65 6864 5520 fkchan@jayaholdings.com

+65 9026 6839 yingling@oaktreeadvisers.com
Other media releases on the company can be accessed at www.oaktreeadvisers.com

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