ASL in profit warning

ASL Marine Holdings is expected to report a loss for the fourth quarter.

Singapore-listed ASL said in a profit warning the loss will follow a reduction in revenue linked to shiprepair and conversion work that was not completed in the quarter as planned.

The shipyard also had to cope with a client’s cancellation of an offshore support vessel (OSV).

ASL, which banked a profit of SGD 15.2m ($11.9m) in the same period last year, has already started discussions with potential buyers and charterers for the cancelled vessel.

The offshore company’s fleet totals 28 vessels and as TradeWinds reported earlier in May, ASL won new contracts to build four support ships worth SGD 91m.

They are planned to be completed by the first quarter of 2016.

Despite the anticipated loss in the fourth quarter, the company expects to remain profitable for the whole of the financial year ended 30 June 2014.

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