Marco Polo Marine foresees first half loss

The offshore services provider said lower revenue and unrealised exchange loss arising from depreciation of US dollar against Singapore dollar both contributed to the anticipated first half loss.

“This profit guidance is based on a preliminary review of the draft unaudited consolidation financial results of the group for 1HFY2016. The company plans to announce its financial results for 1HFY2016 during the second week of May 2016,” Marco Polo Marine said.

The company managed to scrape a profit of SGD19,000 ($14,155) for its first quarter compared to the larger gain of SGD7.41m in the previous corresponding period.

Meanwhile, Marco Polo Marine has locked horns with compatriot Sembcorp Marine as the two companies are in arbitration over the the former’s unilateral cancellation of a rigbuilding contract.