Singapore's ASL Marine Issues Profit Warning
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.