The Perth-based marine services provider said the net profit result, and a normalised profit after tax of $2.2 million, was a significant turnaround from the corresponding 2006 period when the company posted a $1.1 million loss.

Revenue for the period was $31.7 million, a significant increase over the same period last year.

"While these figures remained in line with H1 expectations, they were impacted by several project delays that either have been completed or are scheduled for completion in the second half of the year," Neptune said.

The company said two NEPSYS projects in the Gulf of Mexico have been delayed by bad weather and vessel availability, expected to result in $6.7 million in revenue.

Also during the period, the company wrapped up the acquisition of Tri-Surv Geomatics and raised $61 million in capital to fund the expansion of its operational capabilities in Australia as well as the North Sea and European oil and gas markets.

This month the company finished work for Apache Energy at the Bambra East project, in northwestern Australia.