SINGAPORE (Feb 7): Hiap Seng Engineering posts a net loss of $7.0 million for the 3Q ended December, compared to earnings of $0.9 million a year ago.

Turnover fell 38.4% to $20.3 million in 3Q18, from $33.0 million a year ago, on the back of a decrease in plant construction revenue.

Hiap Seng has an outstanding order book of $93 million as at Feb 7, 2018.

As at end December, cash and cash equivalents stood at $11.4 million.

Looking ahead, the group says it is seeking suitable opportunities in new markets to mitigate any slowdown in the oil and gas sector of the traditional markets amid a challenging operating environment.

“Following the recent acquisition of our 51%-owned subsidiary which is engaged in scaffolding business, and the commencement of our operations in the Middle East, we are confident that the group’s strong track record will stand us in good stead as we gain a foothold in new markets and extend our client base,” says Frankie Tan, executive chairman of Hiap Seng.

“As we continue to explore potential business opportunities and expand our presence in targeted markets, we will also further tighten our costs and improve productivity,” he adds.

Shares of Hiap Seng Engineering closed 1.8 cents lower, or down 12.8%, at 12.3 cents on Wednesday.