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COSL warns of $1.7bn loss for 2016

China Oilfield Services Limited (COSL) has warned investors of a net loss of RMB11.7bn ($1.7bn) for financial year 2016 due mainly to lower work volumes on the slump in oil prices.

The projected loss for last year was a reversal of fortune from the profit of RMB1.07bn in 2015.

In the first half of 2016, COSL reported a loss of RMB8.4bn.

Hong Kong-listed COSL attributed the loss to low oil prices causing international oil companies to slash capital expenditure in 2015 and 2016, negatively impacting the oilfield services industry.

“As a result, the company’s volumes of work and service prices of 2016 have declined with varying degrees,” COSL said. “Meanwhile, the company has made provision for fixed assets, goodwill impairment and bad debt provision for account receivables.”

Looking ahead, the company expects that its work volumes of business segments and service prices of its partial business to increase with varying degrees in 2017, in view of potentially higher international oil prices.

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