Singapore's ASL Marine Issues Profit Warning

By George Backwell
Monday, August 11, 2014

ASL Marine Holdings Ltd informs that following a preliminary assessment of the financial results for the fourth quarter ended 30 June 2014, it is expected that the Company and its subsidiaries will report a loss in the consolidated net results for 4Q FY2014.

The loss is largely due to, amongst others, the following: -

i. Lower shiprepair and conversion revenue recorded as works for the several units of service rig has not been completed as at 30 June 2014. Meaning that profits which we had expected to book in 4Q FY2014 will now have to be booked in FY2015; and
ii. The delay in delivering the OSV class of vessels resulting in cost overruns and regretfully the cancellation by the client of one of these vessels

As this OSV is currently at its final stage of commissioning and will be ready for operation by the end of this calendar year, the management is confident that there is demand for it. The Company is in discussion with potential buyers and with charterers.

Despite the loss in 4Q FY2014, the Group expects to remain profitable for the whole of the financial year ended 30 June 2014.

Further details of the Group’s performance will be disclosed when it announces its unaudited financial results for 4Q FY2014 on 28 August 2014.

 

Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Reopening Date of Libya Oil Ports Uncertain

It is too early to say when Libyan oil ports Es Sider and Ras Lanuf can reopen after a force loyal to a self-declared Tripoli government pulled out troops from frontlines near to the terminals,

Strategic Marine Delivers ‘Triple First’ StratCat

Strategic Marine, a leading specialist shipbuilder and member of the TriYards Group, has delivered a world’s first to European windfarm service sector operator, Njord Offshore.

Drydocks World, Maritime World Win Excellence Awards

Drydocks World and Maritime World have won the Excellence Award given by the International Maritime Club at the Golden Bells Awards 2015 - Middle East. Drydocks

Shipbuilding

Strategic Marine Delivers ‘Triple First’ StratCat

Strategic Marine, a leading specialist shipbuilder and member of the TriYards Group, has delivered a world’s first to European windfarm service sector operator, Njord Offshore.

Drydocks World, Maritime World Win Excellence Awards

Drydocks World and Maritime World have won the Excellence Award given by the International Maritime Club at the Golden Bells Awards 2015 - Middle East. Drydocks

Rolls-Royce Propulsion Package for Polar Ship

Rolls-Royce has been awarded a contract by ship builder Fincantieri to supply a fully integrated propulsion system for Norway’s new Polar Research Vessel, which

Offshore

Strategic Marine Delivers ‘Triple First’ StratCat

Strategic Marine, a leading specialist shipbuilder and member of the TriYards Group, has delivered a world’s first to European windfarm service sector operator, Njord Offshore.

China Unveils Action Plan on Maritime Silk Road

China has unveiled the principles, framework, and cooperation priorities and mechanisms in its Maritime Silk Road initiative in a bid to enhance regional connectivity

JV Wins $2bln Freeport LNG Contract in US

A joint venture (JV) between CB&I, Chiyoda International and Zachry Industrial has won a contract worth over $2bn from FLNG Liquefaction 3 for a liquefied natural

Finance

Reopening Date of Libya Oil Ports Uncertain

It is too early to say when Libyan oil ports Es Sider and Ras Lanuf can reopen after a force loyal to a self-declared Tripoli government pulled out troops from frontlines near to the terminals,

Poland's LNG Terminal - Unfinished Agenda for Saipem

Poland's liquefied natural gas (LNG) terminal at the Baltic port of Świnoujście will be completed only if Italian firm Saipem receives further payment, reports Reuters.

Emission Control to Cost Additional $100 bln for Shipping Lines

The implementation of a global sulfur cap slated for 2020 is estimated to add an additional $50-100 billion to the shipping industry's annual fuel bills, Lloyd's List reports.

Vessels

Malaysia Detains Nigerian Bandit Vessel

The Nigerian flagged fishing vessel, Viking, has been detained in Malaysia for violations of Malaysian maritime law.   Malaysian authorities have indicated that

Royal Caribbean Sets to Sail to Tianjin

Royal Caribbean International will deploy yet another big ship in China, with the 4,180-passenger Ovation of the Seas joining Quantum of the Seas in the Far East.

American Boat Leads in Volvo Ocean Race Leg 5

As the six-strong fleet Volvo Ocean Race continued to endure a helter-skelter ride toward Cape Horn in the Southern Ocean, the American boat Team Alvimedica took the lead, reports AP.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2134 sec (5 req/sec)