Singapore-based Triyards Holdings Limited informed that it expects to report a net loss for the third quarter of the 2017 fiscal year ended May 31.
In the company’s profit guidance, released with respect to the unaudited consolidated financial results for the quarter, Triyards’ board said that expected quarterly net loss is mainly attributable to the continued depressed state of oil & gas industry and downturn of the marine and offshore market.
The loss would represent a turnaround compared to the earnings recorded in the corresponding period of the previous financial year, according to Triyards.
Additionally, the company said that it applied to the Singapore Exchange Securities Trading Limited seeking from the SGX-ST an extension of time to announce the unaudited consolidated financial results of the group for the third quarter ended May 31, 2017.
Due to continued depressed state of oil & gas industry, “management is of the opinion that the group should rationalize and reassess the carrying value of certain assets of the group which were acquired or developed previously with plan to deploy for new projects or business ventures related to oil and gas industry.”