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EMAS sinks into net Q1 loss

Monday, January 11, 2016 - 08:13
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Lower revenue and lack of substantial other income dragged offshore and marine group EMAS Offshore into the red in its first quarter.

LOWER revenue and lack of substantial other income dragged offshore and marine group EMAS Offshore into the red in its first quarter.

EMAS made a net loss of US$3.23 million for the three months ended Nov 30, a sharp plunge from its earnings of US$148.4 million the year before.

This worked out to a loss per share of 0.01 US cent for Q1, down from earnings per share of 0.38 US cents the previous year, the group said in a Singapore Exchange filing on Monday morning.

The decline was mainly on a 32 per cent tumble in revenue year-on-year to US$49.75 million. The group also raked in only US$532,000 in net other income for Q1 FY2016, compared with US$141.13 million the year before.

Net asset value per share dipped to US$1.21 as at Nov 30 from US$1.22 as at Aug 31, 2015.

EMAS shares had risen 0.2 Singapore cent to S$0.17 on Friday.

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