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Kim Heng Offshore & Marine warns of bigger loss

Singapore-based rig repairer Kim Heng Offshore & Marine has alerted investors of a bigger net loss in 2016 compared to the previous financial year.

Lee Hong Liang, Asia Correspondent

February 17, 2017

1 Min Read
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The anticipated annual loss was mainly attributed to an impairment in value of Kim Heng’s property, plant and equipment, and lower revenue due to decreased demand for the group’s good and services from all segments as a result of the downturn in the oil and gas industry.

“Notwithstanding this, the group is expected to report a positive net total assets, positive net current assets and a cash and cash equivalent balance of approximately SGD20m ($14m) as at 31 December 2016,” Kim Heng said.

Singapore-listed Kim Heng is expected to announce its results on or before 1 March.

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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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