ASL Marine Warns of Expected Loss
Singapore-listed ASL Marine Holdings anticipates reporting red ink for the second quarter of 2018 financial year and six months ended December 31, 2017.
The forecast is based on the preliminary review of the unaudited consolidated financial statements, the shipbuilding and repairing company said.
ASL Marine explained that the loss was due to weaker contribution from operations, partially offset by higher other operating income.
The financial performance will be disclosed when the company announces its results for the first half of 2018 FY on February 14, 2018.
The profit warning comes on the back of the loss the group reported in the first quarter of 2018 fiscal year, which stood at SGD 7.1 million, against a profit of SGD 235,000 reported a year earlier.
The company’s business, which also includes ship chartering, was badly struck by the overall downturn in the shipbuilding industry and offshore oil and gas sector.
Hence, the company decided to seek orders for non-OSV vessels such as tanker, tugs and barges, so as to improve its operational efficiency.
World Maritime News Staff