Jaya Holdings has announced revenues of $33m and an 11% increase in net profit year on year to $7.2m for the second quarter of its financial year 2014.

The group's Offshore Support Services Division contributed a $10.2m profit, up from $8.3m in the same period last year. Jaya's fleet grew by one vessel to 28 year on year, with utilisation rising from 80% to 83% and charter rates improving. The group's chartering orderbook has grown to $327m from $180m a year ago.

A $2.7m loss was recorded by the Offshore Engineering Services Division, which had five vessels under construction.

The results, covering the quarter to 31 December, bring the group's first half profit to $14.9m, down from $16.6m for the same period a year earlier, but a 16% improvement excluding vessel sales and one-time charges.

Jaya ceo Venkatraman Sheshashayee commented, "Our shift in focus to long-term charters of our fleet, delivering high quality, customised services to our clients has paid off... Jaya has also successfully expanded its footprint to new markets to East Africa, with the first full quarter of operations for Jaya Vigilant in Mozambique.

"While seasonal factors in South East Asia have had their usual impact, Jaya has successfully signed long-term contracts for three of our vessels to work in Saudi Arabia, increasing our presence in the Middle East. Charter utilisation for 3Q FY2014 is expected to be healthy," added Sheshashayee.