Sembcorp Marine faces more losses as Cosco nightmare lingers

It's exposure to Cosco stood at $27m.

Sembcorp Marine (SMM) suffers a S$21m net loss in 3Q16, dragged by its share of losses and impairment in Cosco Corp, and will continue to do so moving forward, said CIMB.

SMM's share of Cosco Corp's losses was S$27m as the yard issued a profit warning for a higher net loss in 3Q16 due to order cancellations, delivery delays, higher construction costs and provisions.

SMM also made a S$3.8m provision for its stake in Cosco Corp (to add to the S$8.4m impairment in 2Q16).

It's exposure to Cosco stood at $27m.

Sembcorp Marine (SMM) suffers a S$21m net loss in 3Q16, dragged by its share of losses and impairment in Cosco Corp, and will continue to do so moving forward, said CIMB.

SMM's share of Cosco Corp's losses was S$27m as the yard issued a profit warning for a higher net loss in 3Q16 due to order cancellations, delivery delays, higher construction costs and provisions.

SMM also made a S$3.8m provision for its stake in Cosco Corp (to add to the S$8.4m impairment in 2Q16).

It's exposure to Cosco stood at $27m.

Sembcorp Marine (SMM) suffers a S$21m net loss in 3Q16, dragged by its share of losses and impairment in Cosco Corp, and will continue to do so moving forward, said CIMB.

SMM's share of Cosco Corp's losses was S$27m as the yard issued a profit warning for a higher net loss in 3Q16 due to order cancellations, delivery delays, higher construction costs and provisions.

SMM also made a S$3.8m provision for its stake in Cosco Corp (to add to the S$8.4m impairment in 2Q16).

According to CIMB, there is no clear strategy articulated on its stake in Cosco Shipyard Group or Cosco Corp but it believes the group restructuring at the China Cosco Shipping Corporation level may complicate any divestment possibility.

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