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ASL Marine flags up full year loss

Offshore vessels builder ASL Marine has warned investors of an anticipated loss for its full financial year ended 30 June 2017 amid severe slump of the global offshore industry.

“The expected net loss for 4QFY2017 is primarily due to weaker contribution from operations and impairment losses on receivables, inventories and chartering fleet of vessels in view of the protracted downturn and uncertainty of recovery in the global marine industry,” ASL Marine stated.

Singapore-listed ASL Marine did not give a figure guidance on the expected loss.

For its third financial quarter ended 31 March 2017, the company reported a loss of SGD11.36m ($8.13m).

ASL Marine has been weathering the offshore recession by seeking support from its principal lenders and noteholders to re-profile its existing term loans and extend the maturity dates of SGD150m in notes, respectively.

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