ASL Marine Holdings' net loss for the three months ended Sept 30, 2020 widened to S$13 million from S$11.35 million a year ago.

Revenue fell 13.5 per cent year-on-year to S$35.88 million for Q1 FY2021 on the back of lower revenue from its ship-chartering business segment.

Loss per share for the quarter under review was 2.07 Singapore cents, compared to a loss per share of 1.8 Singapore cents a year ago.

In an update on its operations, ASL said that its ship buildings operations resumed work in mid August and will be progressively delivering its existing order books of tugs with expected deliveries up to Q3 FY2021.

It added that demand for ship repair services are still affected by restrictive movement controls in Indonesia and Singapore. Meanwhile, the group expects continued pressure on charter rates due to market competition and the pandemic.

Barring any unforeseen circumstances, the group expects a recovery trend in H2 FY2021 (January to June 2021), it said.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

Shares in ASL closed at 3.6 Singapore cents on Friday, up 0.3 Singapore cent or 9.09 per cent.