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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
TikTok tells advertisers: ‘We are not backing down’
EV automakers get reprieve in US tax credit rules
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
BHP’s biggest rivals sit on the sidelines of Anglo M&A drama