Ezion Holdings warned Thursday it expected to report a “significant” net loss for the second quarter and first half due to asset impairments.
“The challenging market conditions and general caution of the secured lenders towards the offshore oil and gas industry has continued to affect the reactivation and deployment plans of the group significantly and severely impacted the financial position of the group,” Ezion said in a filing to SGX.
“In view of the above continued challenges, the group has carried out an assessment on the impairments of its assets,” Ezion said, adding the value of the impairments wasn’t yet determined, but would likely result in “significant” losses.
The company said it expected to release its earnings report on or around 8 August.
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