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Ezion revises Q2 results down US$11.7m after associate impairment
LIFTBOAT provider Ezion Holdings has adjusted its second-quarter results down US$11.7 million following the additional impairment of property, plant and equipment and intangible assets of an associate.
As a result, profit for the three months ended June 30, 2016, will fall from US$19.8 million to US$8.1 million, it said in an announcement on Tuesday morning.
Profit for the half-year ended June 30 will fall from US$35.3 million to US$23.6 million.
Total assets and total equity will also fall accordingly.
After the adjustments, Ezion's carrying amount of the investment of the associate in question is US$6.7 million.
Ezion closed at S$0.24 on Monday.