October 25, 2018 / 10:04 AM / 9 months ago

Singapore's Sembcorp Marine posts Q3 loss, outlook dim

SINGAPORE, Oct 25 (Reuters) - Singapore-based rig builder Sembcorp Marine Ltd posted a loss in the third quarter on Thursday, and said it expected overall business volume and activity to remain relatively low for the “immediate quarters.”

Sembcorp Marine reported a loss of S$29.8 million ($21.60 million) for the three months ended September, compared with a profit of S$100.7 million in the same period a year ago.

Excluding non-recurring items, the company posted a net loss of S$22.8 million.

The company, majority owned by industrial conglomerate Sembcorp Industries Ltd, said “the trend of negative operating profit is expected to continue for the foreseeable quarter.”

$1 = 1.3796 Singapore dollars Reporting by Aradhana Aravindan; editing by Darren Schuettler

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