Courage Investment warns of lower FY2019 profit

COURAGE Investment, a Hong Kong-based dry bulk shipping services operator, expects to record a significant decrease in net profit for fiscal 2019 due to the recognition of net impairment loss on vessels, it said in a bourse filing on Tuesday night. Compared with FY2018, it posted a reversal of impairment loss of about US$4.3 million.

Courage said it will record lower profit numbers despite a higher operating profit recorded by its marine transport business and profitable result recorded by its investment holding business.

Further details of the group's financial performance will be disclosed when the company announces its FY2019 unaudited results, scheduled for release before the end of March 2020, according to the filing.

The company advises shareholders and potential investors to exercise caution when dealing in its shares.

Shares of Courage closed down S$0.003 or 1.4 per cent to S$0.21 on Tuesday.