ASL Marine expects loss amid challenging offshore market

ASL Marine has warned investors of a net loss for its third quarter and nine months ended 31 March 2017 in view of challenging conditions in the offshore marine segment.

“The net loss was mainly attributable to a lower operational profit, increased administrative expenses which mainly pertained to transaction costs in relation to the consent solicitation exercise concluded in January 2017, unrealised foreign exchange losses and higher share of losses from its joint venture and associated companies,” ASL Marine stated.

In January, the OSV builder received support from nearly all of its bondholders over extending the maturity of a series of notes by another three years.

For the company’s first half of financial year 2017, ASL Marine reported a profit of SGD2.49 ($1.75m), a steep fall of 64.9% year-on-year.

Posted 09 May 2017

© Copyright 2019 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Lee Hong Liang

Asia Correspondent

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