You are here

Ezion likely to post 'significant net loss' in the year to date, board warns

DEBT-STRICKEN offshore and marine group Ezion Holdings will likely post losses in the second quarter and half-year to June 30, the board warned on Thursday.

Ezion has assessed the impairments of its assets and, while the value has not been determined, "the group is expected to record a significant net loss", the board said.

"The challenging market conditions and general caution of the secured lenders towards the offshore oil and gas industry have continued to affect the reactivation and deployment plans of the group significantly and severely impacted the financial position of the group," it added.

The profit guidance was based on a preliminary review of unaudited financial results, which are expected to be released on or around Aug 8.

Trading in Ezion shares has been suspended since March.

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to