Beng Kuang Marine Limited Reports Unaudited Group Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Provides Earnings Guidance for the Full Year 2018; Announces Write-Off of Property Plant and Equipment
For the nine months, the company reported revenue of SGD 48,799,000 against SGD 42,774,000 a year ago. Loss before income tax was SGD 4,727,000 against SGD 6,162,000 a year ago. Net loss was SGD 5,052,000 against SGD 6,369,000 a year ago. Loss attributable to equity holders of the company was SGD 5,659,000 against SGD 6,626,000 a year ago. Loss per ordinary share for the period base on net profit attributable to shareholders, on a fully diluted basis was 4.19 cents against 4.91 cents a year ago. Net asset value per ordinary share based on issued share capital at September 30, 2018 was 43.28 cents.
The marine, offshore oil and gas markets remain uncertain and the Group will continue to seek out new projects. The Group will maintain strict cash flow discipline to weather the current difficult market environment. The Group expects to make a loss for Fiscal Year 2018.
Property, plant and equipment written off was SGD 4,000 against 19,000 a year ago.