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MARCO Polo Marine continued to face negative working capital in its second fiscal quarter as net loss widened to S$8.2 million amid higher expenses and unchartered vessels, the marine logistics company announced on Sunday.
Marco Polo, which has suspended trading in its stock to negotiate with creditors, said its loss was a 1.42 Singapore cents per share for the three months ended March 31, compared to 0.33 Singapore cent a year ago. For the six-month period, net loss was S$4.8 million, or 0.33 Singapore cent per share.
Revenue rose 8 per cent to S$12.8 million for the quarter as ship-building and repair sales increased 17 per cent to S$8.7 million. Ship-chartering revenue, however, shrank 9 per cent to S$4.1 million.
Depreciation of three newly built vessels that have not been chartered, however, dragged Marco Polo into a gross loss of S$1.3 million from a year-ago gross profit of S$4.1 million.
Net asset value declined to 46.1 Singapore cents per share as at end-March, from 47.2 Singapore cents as at end-September.
Marco Polo's had negative working capital of S$18.7 million as at end-March, although that was a smaller hole than the S$26.0 million deficit as at end-September. Net gearing increased to159 per cent from 151.1 per cent six months earlier.
The company said it will be conducting an informal dialogue for holders of its 5.75 per cent notes due 2016 on May 18 to be hosted and moderated by the Securities Investors Association (Singapore).