Kim Heng O&M’s 3Q losses widen to $3.9 mil on lower sales and margins

SINGAPORE (Nov 8): Kim Heng Offshore & Marine reported 3Q losses widened to $3.9 million from $1.7 million a year ago.

Revenue fell 15% to $5.5 million mainly due to the decrease in revenue from the Offshore Rig Services and Supply Chain Management segment, as the demand for hire of vessels from our customers has remained low during the current protracted downturn of the O&G industry.

Cost of sales increased 4.6% to $5.51 million in 3Q17 due to a higher percentage of the group’s revenue attributable to the marine trading business which has a lower margin.

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