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ASL Marine Holdings issues profit warning for Q1

MAINBOARD-LISTED ASL Marine Holdings Ltd announced on Monday that it is expected to record a net loss for the first quarter of the 2018 fiscal year.

In a Singapore Exchange filing, the company said that based on the preliminary review of the unaudited consolidated financial statements for the three months ended Sept 30, 2017, the group is expected to record a net loss due to weaker contribution from operations.

Further details of the group's financial performance will be disclosed when the company announces its Q1 2018 results on Nov 14.

It said that shareholders and investors are advised to exercise caution when dealing in the shares of the company.

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In August, ASL Marine warned of a Q4 2017 loss before its results were released for the three months ended June 30, 2017.

About two weeks later, ASL Marine announced that its fourth-quarter net loss ballooned to S$62.4 million, from S$6.37 million a year ago, as it was hit by higher impairments, lower revenue and poorer margins amid the downturn in the global marine industry.

ASL Marine closed trading at S$0.11 on Monday, down 0.5 Singapore cent, or 4.3 per cent.