ASL Marine sinks into the red with $6.7m losses

The engineering business was plummeting.

On back of sliding engineering revenue, shipbuilding company ASL Marine Holdings declared a net loss of $6.8 million in 4QFY16 ended 30 June 2016 against a profit of $1.2 million in the previous corresponding period. Net profit for the 12 months ended 30 June also plummeted 87.4% to $943k compared to the $7.4 million in FY15.

ASL Marine’s quarterly results revealed that group revenue for 4QFY16 was $98.7 million, 34.7% higher than in 4QFY15. On a full year basis, revenue skyrocketed 97.9% to $364.4 million.

Of ASL Marine’s four major business segments, shipbuilding thrived the most, increasing 113.2% to $49.9 in the quarter. It also reversed FY15’s downturn with FY16’s revenue of $189.2 million.

The next largest gainer was ship chartering. The segment’s revenue rose 41.4% to $26.9 million in 4QFY16.

The engineering business, meanwhile, pulled earnings down with a 64.7% slump in revenue. The segment’s turnover was only $4.8 million compared to the previous corresponding quarter’s $13.6 million.

Shiprepair and conversion also dipped 0.8% to $17.1 million in 4QFY16.

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