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ASL Marine expects loss amid challenging offshore market

ASL Marine has warned investors of a net loss for its third quarter and nine months ended 31 March 2017 in view of challenging conditions in the offshore marine segment.

Lee Hong Liang, Asia Correspondent

May 9, 2017

1 Min Read
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“The net loss was mainly attributable to a lower operational profit, increased administrative expenses which mainly pertained to transaction costs in relation to the consent solicitation exercise concluded in January 2017, unrealised foreign exchange losses and higher share of losses from its joint venture and associated companies,” ASL Marine stated.

In January, the OSV builder received support from nearly all of its bondholders over extending the maturity of a series of notes by another three years.

For the company’s first half of financial year 2017, ASL Marine reported a profit of SGD2.49 ($1.75m), a steep fall of 64.9% year-on-year.

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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