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Mermaid Maritime warns of loss for 2015

Mermaid Maritime warns of loss for 2015
Mermaid Maritime has added itself to the growing list of offshore marine companies warning of or reporting losses for 2015.

Singapore-listed Mermaid Maritime said it expects to report a net loss for 2015 after it takes substantial impairments on its asset values.

“This shall be mainly attributable to non-cash provisions for impairment on the value of key assets, investments in subsidiaries as well as share of loss in an associate investment driven by a similar impairment exercise,” the company said.

Mermaid Maritime said it expected to report positive EBITDA and operating cashflow for 2015.

“The group also remained low in debt at the end of FY2015 and has also taken, and continues to take, proactive measures on cost reduction and efficiency in order to reinforce the group through and beyond the current downturn,”it added.

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