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Kim Heng's Q3 profit plummets 62%

Fall in revenue and gross profit margin; group expects final quarter to fare better than Q3

Anita Gabriel

Published Thu, Nov 6, 2014 · 09:50 PM

Singapore

LOWER revenue and poorer gross margin combined to drag down Kim Heng Offshore & Marine Holdings' third-quarter earnings.

The company, which was listed on Catalist in January this year, on Thursday posted a sharp 62 per cent fall in net profit to S$1.15 million for the July-September quarter.

Revenue dropped 23 per cent to S$13.8 million. Kim Heng's offshore rig services and supply chain management's revenue was hit due to lower income from marine offshore support services, chartering and towage and equipment rental.…

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