SBI Offshore posts US$1.5m loss for H1 as revenue plummets 79.8%

CHALLENGING times in the offshore and marine industry eroded results for SBI Offshore (SBI) in its first half.

The company sank into the red, chalking up a net loss of US$1.5 million for the six months ended June 30, 2016, from a net profit of US$6,000 in the previous year, the group said in a Singapore Exchange filing on Sunday evening.

Revenue nosedived 79.8 per cent to US$942,000 from the previous year.

"The lower revenue was mainly attributed to challenging market conditions which was affected by the downturn of the global oil and offshore market," said SBI Offshore.

It recorded a loss per share of 0.61 US cent, from earnings per share of 0.01 US cent in the year-ago period.

Net asset value per share dipped to 9.79 US cents as at June 30, from 10.42 US cents as at six months ago.

It added: "The group's diversification into the solar business has made some progress with projects being evaluated in South Africa, amongst others. However, it has yet to deliver results given that diversification into the solar business was only approved by shareholders on September 28, 2015."