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ASL narrows Q4 loss to S$52.62m

ASL Marine narrowed its fourth quarter loss on higher gross profit and other operating income.

Net loss for the shipbuilder and vessel owner-operator for the three months ended June 30, 2018,  fell 15.7 per cent to S$52.62 million.

Loss per share for Q4 was 8.36 Singapore cents, compared to 9.92 Singapore cents for a year-ago period.

Full-year loss was S$69.89 million, down 2.5 per cent from S$71.66 million for FY17. 

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The group had warned on Aug 15 that it expected to post a loss for both fourth quarter and FY18 mainly due to weak contribution from the shipbuilding segment and impairment losses. 

Helping to cushion its bottomline, however, was a higher other operating income of S$8.87 million for Q4, up 173.2 per cent from the year before on a gain from the disposal of plant and equipment and a higher net foreign exchange gain.

In absence of professional fees incurred for debt restructuring exercise, its administrative expenses fell 21.1 per cent to S$6.13 million.

ASL closed at 9.7 Singapore cents on Wednesday, before the release of its financial results.