ASL Marine Q4 loss deepens to $116.6m

SINGAPORE - Impairment losses on financial assets and other operating expenses took a toll on offshore and marine group ASL's results for its fiscal fourth-quarter.

For the three months ended June 30, net loss deepened to $116.6 million, from a net loss of $52.2 million for the year-ago period.

This translated to a loss per share (LPS) of 18.53 cents for the quarter, versus a LPS of 8.3 cents in the preceding year.

Revenue for the quarter fell 6.9 per cent to $63.3 million, from $68 million.

Full-year net loss also widened to $141 million, versus a loss of $71.4 million last year, despite revenue rising 23.7 per cent to $312.9 million for the 12-month period.

LPS for the full year stood at 22.41 cents, versus an LPS of 11.34 cents a year ago.

Looking ahead, ASL Marine noted that as its businesses are primarily reliant on the market conditions in the shipbuilding, shipping, oil & gas and offshore & marine industries, the main macroeconomic variables it is sensitive to include global trade, oil prices and infrastructure spending in Asia.

These macro trends remain mixed, ASL Marine said, and suggested an "improving but volatile business environment" for the group.

"However, given that capital goods lag the industry cycle and is very sensitive to macro economy, the group will benefit from these factors only gradually," the company said.

ASL Marine shares closed at 5.1 cents on Thursday, up 2 per cent or 0.1 cent before its results announcement on Friday.