Mermaid's earnings dive 67.4% on higher costs

Singapore

HIGHER business costs dragged down earnings for offshore service provider Mermaid Maritime in the October to December period, which sent its shares tumbling yesterday.

The stock fell 10 per cent or 2.5 cents to 22.5 cents, a day after the company posted a 67.4 per cent plunge in net profit to US$4.3 million for the three months to Dec 31.