Kim Heng Offshore's Q3 profit falls 62%

KIM Heng Offshore & Marine Holdings' net profit fell by 62 per cent to S$1.15 million for the third quarter from S$3.06 million a year ago due to lower income across its offshore rig services and supply chain management business.

Revenue for the period fell 23 per cent to S$13.8 million from S$17.9 million

with income from marine offshore support services, chartering and towage, equipment rental having decreased mainly due to further delays in the arrival of drilling rigs and offshore support vessels from customers.

Earnings per share was at 0.2 Singapore cent compared to 0.6 Singapore cent a year ago. No dividend was recommended, unchanged from the previous year.