ASL Marine expected to report Q3 net loss

OFFSHORE and marine group ASL Marine is expected to report a net loss for the third quarter of FY2017, based on a preliminary review of its unaudited financial statements for the Q3 and nine months ended March 31, 2017.

The firm said on Monday that the net loss was due to a lower operational profit, increased administrative expenses, unrealised foreign exchange losses and higher share of losses from its joint venture and associated companies. The increased administrative expenses mainly pertained to transaction costs relating to the Consent Solicitation Exercise concluded in January this year.

ASL Marine said that the market conditions in the marine industry remain challenging and that further details will be disclosed when its Q3 unaudited consolidated financial results are announced on May 15. In the meantime, the group has advised shareholders and investors to "exercise caution when dealing in the shares of the company".