Revenue decreased 41.2% y-o-y and 32.1% q-o-q to $30.6 million, on the back of fewer project executions due to delays in Southeast Asia (SEA) projects and political uncertainties in the Middle East.
SINGAPORE (Nov 16): CIMB is maintaining its “reduce” call on Mermaid Maritime with a target price of 14 cents, as the group’s 3Q17 results were largely below expectations.
The group on Monday announced that it recorded a loss of US$2.04 million ($2.77 million) in 3Q17, compared to earnings of US$7.49 million in 3Q16.
