Singapore-listed oil and gas player Ezion Holdings (Ezion) says it will likely post losses of approximately $1 billion in financial performance for the fourth quarter ended 31 December 2017 (4Q2017) and full year ended 31 December 2017 (FY2017) due to a prolonged downturn in the oil & gas sector.
Ezion started refinancing exercise with various stakeholders to alleviate cashflow challenges, but continued to experience delayed payment from its clients; it has also experienced delays in re-deployment of some of its assets.
Overall, the oversupply of offshore logistics vessels and jack-up rigs in the industry has resulted in lower charter rates and depressed the market value of Ezion’s assets, it says.
The decreased gross profit margins and cash flow has adversely affected its business, financial condition, operations and prospects.
“In line with financial year closing, the group carried out an impairment assessment of its assets based on their intended use,” it notes.
“Preliminary numbers show that net cash generated from operating activities for the group in 4Q2017 and FY2017 amount to approximately USD20 million and USD64 million respectively.
“However, despite being operationally cashflow positive, the group is likely to record a net loss of approximately of approximately USD1 billion for both for 4Q2017 and FY2017, largely attributable to the impairment losses of approximately US$900 million.”
Ezion will announce its unaudited consolidated financial results for 4Q2017 and FY2017 on 28 March 2018.
Photo credit: Ezion Holdings
Published: 26 March, 2018
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