ASL Marine Q4 loss shoots up as impairments soar

Singapore

MAINBOARD-LISTED ASL Marine Holdings' 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.

For the three months ended June 30, 2017, "other operating expenses" surged to S$54.3 million from S$7.88 million a year ago. The group provided a net allowance for the impairment of doubtful receivables of S$18.4 million, impairment losses on inventories of S$13.8 million and on property, plant and equipment of S$22 million.