ASL Marine Holdings reported a wider fourth-quarter loss, hurt by higher impairments, lower revenue and weak margins amidst the worsening conditions in the marine industry globally.
Shares in the integrated marine company declined about 8 percent to S$0.118 on the Singapore Exchange. The stocks has lost 9 percent so far this year.
ASL Marine's net loss widened to S$62.4 million in the quarter ended June 30, from a loss of S$6.37 million an year ago.
Revenue fell 21.2 percent to $77.8 million in the quarter, the company said in a statement on Tuesday.
ASL Marine reduced the value of its assets by $35.9 million in fiscal 2017 due to the reduction in their market value as exploration and production, particularly in the offshore oil and gas industry, collapsed amidst sustained weak oil prices.
Shipbuilding revenue in the quarter slumped 58.4 percent to S$20.7 million.
This was due to fewer tugs being built and recognised based on existing orders at hand and reversal of revenue from cancellation of construction of an offshore support vessel, the company said.
Administrative expenses jumped 16.3 percent to $7.8 million in the fourth-quarter due to higher legal and professional fees incurred for debt restructuring exercise.