EMAS sinks into net Q1 loss

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.