Scomi Group shares fall as it sinks deeper into the red

KUALA LUMPUR: Scomi Group Bhd ’s shares fall into the negative territory on Thursday after announcing that its net loss widens in the third quarter ended Dec 31, 2017.

The counter shed 8.57%, or 1.5 sen to 16 sen with over 2.6 million shares traded. Scomi-WB fell 0.5 sen to eight sen.

Scomi sank deeper into the red in the third quarter ended Dec 31, 2017 (3QFY18), as net loss widened to RM48.4mil from RM6.17mil a year ago, and as it registered lower revenue and higher foreign exchange losses.

Its revenue fell 18% to RM184.08mil from RM224.58mil previously.

All three key divisions of oilfield services, transport solutions and marine services were in the red. Its realised and unrealised forex losses amounted to RM14mil during the quarter.

Stock on the Move , Scomi