Charisma Energy warns of losses for Q4, fiscal 2018

CHARISMA Energy expects to report a net loss for its fourth quarter and full year ended Dec 31, 2018, based on a preliminary review of the draft unaudited management results to-date, the Catalist-listed company said in a regulatory filing on Monday.

The group said that its business focus is in a transition phase from the marine and offshore oil and gas industry to the renewable energy business. As the operating environment for the group "remains very challenging", it is in the midst of finalising an assessment of the impairment of its assets.

Although the value of the impairments are yet to be finalised, the group is expecting to record a net loss for the fourth quarter and fiscal 2018, it added.

The group will furnish more details on its financial performance for both periods when it announces its unaudited consolidated financial results, scheduled for release no later than March 1, 2019.

The company requested a suspension in the trading of its shares "with immediate effect" on Feb 7, following disclosure on Feb 4 that it was in discussions with certain stakeholders such as bank lenders and creditors in relation to its financing and capitalisation structure.