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Ezion warns of full year loss on impairment charges

Ezion warns of full year loss on impairment charges
Offshore services firm Ezion Holdings has warned that it will record a full year net loss in view of impairment charges amid the weak global oil and gas industry.

The expected full year loss will erase the profit of $33m recorded in the first three quarters of 2016.

“As the market conditions of the global oil and gas industry remains uncertain, the group has carried out an assessment on the impairments of its assets. While the value of the impairments are yet to be determined, the group is expected to record a net loss for 4Q2016 and 12M2016 from this exercise,” Singapore-listed Ezion announced.

Ezion did not give a guidance figure on the expected loss in 2016.

In 2015, Ezion posted a net profit of $36.78m, a plunge of 83.6% from the gain of $223.73m in 2014.

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