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ASL Marine hit by quarterly loss of $8m

Singapore’s ASL Marine has reversed into the red in the quarter ended 31 March 2017 due mainly to one-off losses, compared to a profitable year-ago quarter.

Net loss for the company’s third quarter was recorded at SGD11.36m ($8.13m) as against the profit of SGD820,000 in the previous corresponding period.

Singapore-listed ASL Marine blamed the third quarter deficit mainly to one-off losses arising from cost associated with debt restructuring, foreign exchange loss, and joint ventures and associates losses.

Revenue for its third quarter was down 6.6% year-on-year to SGD84.15m on lower contributions from the ship repair/conversion and engineering businesses.

As at end-March this year, ASL Marine sat on a shipbuilding orderbook of approximately SGD107m for the construction of 15 vessels with progressive deliveries up to the fourth quarter of 2018. The orderbook comprises of OSVs, harbour tugs, barges and tankers.

“In shipbuilding, we will continue to seek orders for non-OSV vessels such as tanker, tugs and barges, improve our operational efficiency and tighten cost control to ensure our competitiveness, and stimulate ship repair and conversion business by offering maintenance services at the enhanced facilities in Batam,” ASL Marine stated.

In the nine months ended 31 March 2017, the group delivered seven tugs and one barge.

Meanwhile, ASL Marine said it has recently obtained approval from its principal lenders to re-profile its existing term loans, generally based on a 10-year profile with four years repayment term.

In January, the company received approval from noteholders to extend the maturity dates of its SGD100m and SGD50m notes originally due in March 2017 and October 2018 respectively for another three years each.

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