SembMarine shares fall double digits on poor Q4 results
Stock sinks to intra-day low of S$2.25 before closing at S$2.33, down 11.4%
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SHARES of Sembcorp Marine sank by as much as 14.4 per cent a day after the firm posted a disappointing set of results for its fourth quarter ended Dec 31. The stock tumbled to an intra-day low of S$2.25 before closing at S$2.33, 11.4 per cent below Wednesday's close of S$2.63.
The drop follows SembMarine's results announcement on Wednesday evening, in which the rig-builder booked a net loss of S$33.8 million for Q4, reversing from the S$34.3 million net profit the year before, and missing analysts' estimates by a wide margin.
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