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Jason Marine sinks into $6 mil in losses in FY16

PC Lee Published on Wed, May 25, 2016 / 8:53 PM GMT+8

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SINGAPORE (May 25): Difficult market conditions resulting from the sharp fall in oil prices pushed Jason Marine Group into full-year losses of $6 million from earnings of $3.9 million a year ago.

Revenue fell 34.1% to $37.2 million for the marine electronics system integrator and support services provider. Sales of goods fell by $20.9 million due to lower project sales in the oil and gas segment and fewer deliveries executed as some of the projects were delayed.

Revenue from rendering of services maintained at $8 million compared to a year ago. Airtime revenue increased by 35.6% to $6.3 million as a result of an increase in airtime services taken up by customers.