CH Offshore records losses for third straight year

Loss after income tax narrowed 51.2% to $19.48m in 2019.

Marine support firm CH Offshore has entered its third year of consecutive losses, according to a bourse filing.

Loss after income tax hit $19.48m (US$14.06m) in FY2019, marking a 51.2% change from the previous year’s $39.88m (US$28.78m), mainly due to losses from associate companies and provision for brokers’ commission after three brokers brought an arbitration against the firm.

The firm will make an immediate announcement if the SGX puts them on the watchlist.

On the other hand, revenue ballooned 116% to $29.03m (US$20.95m) in 2019 from $13.44m (US$9.7m) in 2018 due to growth in vessel utilisation rate, better charter rates and revenue contribution from two vessels that were taken over from an associate firm in 2018.