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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.

Lee Hong Liang, Asia Correspondent

February 20, 2017

1 Min Read
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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.

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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