Vallianz Holdings has suffered a first quarter loss of over $208m as a series of impairments took their toll on the company.
The Singapore-listed offshore vessel operator said this series of non-cash impairments totaled $214.6m, in figures released Monday.
Vallianz also reported a 21.5% decline in revenue to $38.7m. However, costs were reduced 15.5% year-on-year to $29.5m.
“Excluding the exceptional expenses, the group’s business operations remained profitable in FY2017 despite the tough operating environment in the offshore support vessels sector,” Vallianz said.
