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Vallianz warns of ‘significant’ loss on impairment charges

Vallianz warns of ‘significant’ loss on impairment charges
Offshore services firm Vallianz Holdings has warned of a significant net loss for the third quarter of 2017 and the 15-month period ended 31 March 2017, due mainly to non-cash impairment expenses.

Singapore-listed Vallianz said the company has completed an in-depth evaluation of the carrying value of certain of its assets that comprise goodwill, fixed assets and investments, in light of the current slowdown in the offshore and marine market and the rightsizing initiatives that it had undertaken.

“Following the evaluation, the group is expecting to record non-cash impairment expenses for the aforesaid assets in 3M2017 (three months ended 31 March 2017) and FP2017 (15-month period ended 31 March 2017),” Vallianz stated.

The group however expects to continue to report operating profits for the periods, excluding the exceptional expenses.

In 2016, Vallianz posted a full year profit of $13.81m, down 20.9% year-on-year.

In March this year, the company completed a debt restructuring programme to refinance existing borrowings totalling $163.2m, allowing the group to enhance its short term to medium term liquidity position.

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