EMS Energy swings into the red as losses jump to $2.85m

Marine, offshore, and trading segment is not performing well.

In contrast to its profit of a whopping $1.17 million a year ago, EMS Energy Limited declared an equally shocking $2.85 million net loss in 1H16.

The engineering solutions provider revealed in its statement that the company’s revenue plunged 64.5% or $28.97 million to $15.97 million from $44.94 million in the same period last year.

“This is due to the reduction in revenue from engineering, procurement and construction management (EPCM)-marine and offshore & trading segment that contributed only $9.91 million to the revenue this period as against $38.88 million in 1H15,” EMS Energy explained.

Its EPCM-water treatment segment is the company’s only gainer that contributed S$6.06 million in 1H16, a measly 0.6% increase from last year’s $6.02 million group revenue, EMS Energy’s statement showed.