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Japanese duo warn of impairments on stakes in Emas Chiyoda Subsea

NYK Line provides for Q3 extraordinary loss of 13b yen for its 25% holding; Chiyoda expects downward revision to FY forecast over its 35% stake

Singapore

CHIYODA Corp and NYK Line on Tuesday issued warnings of one-time writedowns against their stakes in Emas Chiyoda Subsea (ECS), a joint venture with Singapore-listed Ezra Holdings.

NYK Line said an extraordinary loss of about 13 billion yen (S$162 million) has been provided for its 25-per-cent stake in UK-incorporated ECS in its financial results for the third quarter ended March 31, 2017. The Japanese shipping line explained that the one-time loss was recorded after reassessing the future...

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