ASL Marine posts S$11.7m loss for Q3

SHIPBUILDER and vessel charterer ASL Marine reported an S$11.7 million loss for its third quarter ended March 31, 2017, from a net profit of S$1.3 million a year ago.

Revenue fell 6.6 per cent to S$84.1 million, from S$90.1 million a year ago.

The fall in revenue was largely due to the firm's lumpy ship-repair and conversion business, as well as its engineering segment.

Higher administrative expenses due to one-off costs related to a debt restructuring exercise, along with unrealised foreign-exchange losses, also led to the quarterly loss.

"We do not foresee the operating environment for our businesses improving significantly in the next 12 months," the company said.

"However with careful cost control, committed management and increased financial flexibility from our recent financial restructuring plan, the company will continue to seek cash flow positive business opportunities for our various business segments."

Net asset value as at March 31, 2017, was S$0.70 per share.

ASL Marine last traded at S$0.125, down S$0.003, before results were announced.