Ezion warns of net loss for 4Q, 'significant' decline in net profit for full-year
Ezion warns of net loss for 4Q, 'significant' decline in net profit for full-year
http://www.theedgemarkets.com/sg/ar...s-4q-significant-decline-net-profit-full-year
SINGAPORE (Feb 22): Liftboat owner Ezion Holdings expects a net loss for 4QFY2015 and a "significant decline" in eanrings for the full-year amid the continuous depressed fossil fuel prices.
The slump in prices has prompted Ezion’s customers to cut costs, even in the areas of operating expenditure related to extraction and production activities.
Ezion is redeploying its assets to other usages as a result, and has carried out an assessment of the impairments of its assets based on their intended redeployment. Although the value of the impairments is yet to be known, it expects to see significant losses.
Results will be released on Feb 29.
Ezion shares ended unchanged at 52 cents.