Net loss for the three-month period was recorded at MYR7.3m ($1.7m) compared to the loss of MYR5.8m in the year-ago period.
Third quarter revenue plunged by 70% year-on-year to MYR13.86m due to lower contributions from the shipbuilding and ship chartering divisions.
Kuala Lumpur-listed Sealink said it completed and delivered three landing crafts during the first half of this year, and the yard currently has two harbour tugs at advance stage of construction and their revenue will only be recognised on confirmed sale.
“The industry is continually facing immense challenges due to the reduced oil and gas activities globally and these slowdown had resulted in severe oversupply of offshore support vessels,” Sealink commented.
“Barring any unforeseen circumstances or events, we anticipate that the remaining 2016 will continue to be a challenging year where charter rates will likely be flat or weaken, with shipbuilding activities curtailed since crude oil prices are not expected to be northbound from the current levels in the short term.”
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