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ASL Marine signals loss partly from Swiber’s debacle

ASL Marine signals loss partly from Swiber’s debacle
Singapore’s ASL Marine has warned of a loss for its fourth quarter results due partly to provision cost and impairment losses partially from an amount owed by the embattled Swiber Holdings.

“The expected loss for Q4FY2016 are primarily due to provision of one-off reorganisation cost from engineering segment as well as impairment losses on its receivables (including 100% of the amount owed by wholly-owned subsidiaries of Swiber), built-to-stocks vessels and chartering fleet in view of the protracted weakness and uncertainty of recovery in the global marine industry,” ASL Marine stated.

Singapore-listed ASL Marine, as such, is anticipating a loss for its fourth quarter ended 30 June 2016.

Compatriot Swiber has been placed under judicial management as the company struggles with its inability to repay debts, and has been looking out for investors.