Marco Polo Marine's loss widens in Q3

BELEAGUERED shipping services firm Marco Polo Marine posted a net loss of S$304.23 million for its third quarter ended June 30, deepening from its S$6.41 million loss a year ago.

Revenue stood at S$9.09 million for the quarter, slightly down from S$9.12 million a year ago.

As at June 30, 2017 the group is in the midst of a refinancing and debt restructuring exercise, triggered by its inability to service some of its debts. Trading of its shares has been suspended since May 2017.

The board of directors pointed out that there is no assurance that the group may successfully complete its refinancing exercise or raise enough fresh funds to sustain operations for the next 12 months.

It said: "If the group were unable to continue in operational existence for the foreseeable future, it may be unable to discharge its liabilities in the normal course of business."

Loss per share was 91.81 cents, against 2.23 cents in the same period a year ago.