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SembMarine reports FY18 loss of $74 mil; Expects business environment to stay challenging

PC Lee
PC Lee2/20/2019 07:36 AM GMT+08  • 3 min read
SembMarine reports FY18 loss of $74 mil; Expects business environment to stay challenging
SINGAPORE (Feb 20): Sembcorp Marine posted earnings of $6 million for 4Q18 ended Dec, 95% lower than the restated $117 million earnings in 4Q17.
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SINGAPORE (Feb 20): Sembcorp Marine posted earnings of $6 million for 4Q18 ended Dec, 95% lower than the restated $117 million earnings in 4Q17.

The drop in 4Q earnings was due to the continued low overall business volume, impairment of an asset and accelerated depreciation costs.

The $117 million earnings in 4Q17 was restated due to accounting changes on adoption of SFRS (I) from January 1, 2018 and mainly boosted by the net positive effects of contract termination of three rigs contracts and a one-off gain on disposal of Cosco Group shares recorded in 4Q17.

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