ES Group flags H1 net loss on Covid-led manpower constraints, lower chartering revenue

SHIP building and repairing company ES Group is expected to suffer a net loss for the six months ended June 30, 2021 (H1 2021) amid the prolonged global pandemic.

In a profit guidance note on Tuesday, the Catalist-listed group said net loss is attributable to a decline in revenue brought about by manpower constraints in its shipyard activities, due to restrictions on safe-entry approval to enter Singapore for overseas workers returning from home leave.

Lower chartering revenue from its shipping segment due to Covid-led disruptions also contributed to overall net loss.

ES Group is in the process of finalising its unaudited consolidated financial results for H1 2021, which will be released on or before Aug 14.

The group said it is monitoring the developments of its businesses and continues to review and assess the carrying value of its assets as it finalises its results.

Shares of ES Group last traded at 7.6 Singapore cents on July 30.