Mermaid Maritime (SGX:DU4) posted an attributable loss to the owners of parent of $7.7 million during the first quarter of the year, against an attributable profit of $331,000 a year earlier, according to a Tuesday filing with the Singapore Exchange.

The company logged a basic loss per share of $0.0055 compared with earnings per share of $0.0002 in the comparable period.

Revenue was up 33% year over year to $117.2 million from $88.0 million, mainly due to an increased revenue from subsea transportation and installation services and cable laying services.

Shares of the marine infrastructure company were down nearly 2% in recent trading.