Kim Heng Offshore & Marine issues profit warning
Kim Heng Offshore & Marine Holdings Limited, an SGX-listed company offering rig management and supply base management services, today issued a profit warning.
The company said it has deemed it appropriate to issue a profit guidance in respect of the unaudited financial results of the Group for the second quarter ended 30 June 2014 (“2Q2014”).
Based on a preliminary review of its financial results, the Group expects to report a lower net profit for 2Q2014 as compared to the prior year’s corresponding period, despite a slight increase in revenue. This is mainly due to a higher proportion of lower margin projects undertaken in 2Q2014 and the delay in arrival of certain rigs.
The Singapore-based firm said it was in the process of finalising its results for 2Q2014. Kim Heng Offshore / Marine said it would provide more details in its financial results for 2Q2014 on or before 14 August 2014.