Sembcorp Marine reports Q3 net loss of $21.8 million

SINGAPORE - Sembcorp Marine was hit by steeper finance costs and share of losses of associates and joint ventures, which ended the third quarter in a net loss.

The major rig-builder yesterday reported a net loss of $21.8 million for the three months to Sept 30, from a net profit of $32.1 million the same period a year ago, while revenue dropped 21 per cent to $888 million.

It had higher finance costs of $22.5 million, and share of losses of associates and joint ventures of $27.7 million for the quarter.

Excluding the effects of foreign exchange, operating profit was $51.8 million, which was higher than the $39.6 million in operating profit - before effects of foreign exchange - from the period before.