The anticipated annual loss was mainly attributed to an impairment in value of Kim Heng’s property, plant and equipment, and lower revenue due to decreased demand for the group’s good and services from all segments as a result of the downturn in the oil and gas industry.
“Notwithstanding this, the group is expected to report a positive net total assets, positive net current assets and a cash and cash equivalent balance of approximately SGD20m ($14m) as at 31 December 2016,” Kim Heng said.
Singapore-listed Kim Heng is expected to announce its results on or before 1 March.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited.
Add Seatrade Maritime News to your Google News feed.
