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Miclyn Express Offshore swings to loss in first half results

Miclyn Express Offshore swings to loss in first half results
Miclyn Express Offshore (MEO) saw its half year results swung to a loss as against a profit for the previous corresponding period due mainly to an impairment charge on vessels.

The Singapore-headquartered provider of OSVs reported a loss of $13.54m for its first half ended 31 December 2015, as against the gain of $17.72m in the same period of the previous year.

The swing to a loss was blamed on a $5.1m impairment loss on vessels in other expenses.

Revenue during the reporting period fell by 15.7% year-on-year to $120.47m.