ASL Marine tanks 70% in Q1 profit

Singapore

ASL Marine Holdings tanked nearly 70 per cent in net profit for the fiscal first quarter ended Sept 30 to S$1.6 million from S$5.25 million a year ago as higher operating expenses, losses in its Indonesian joint ventures and associates, and higher tax expense eroded revenue gains.

The higher operating expenses stemmed from foreign exchange losses, while the higher tax provision was attributed to shipyard operations that could not be offset against losses recorded by other subsidiaries within the group.