Cosco Corporation (Singapore) Limited issued Wednesday a profit guidance on the financial results for the fourth quarter of 2015 (4Q 2015) and for financial year 2015 (FY 2015) ending Dec. 31.
"The Board is of the view that the 4Q 2015 Results and its FY 2015 Results will show a significant net loss as compared to earnings recorded in the corresponding period of the previous financial year," the Chinese shipyard said in a press release.
Among the factors cited by Cosco for the anticipated net loss is "the continuing depressed state of crude oil prices which has had an adverse impact on the global offshore marine industry ... and the slump in the shipbuilding market which has negatively impacted the Company’s shipyards."
The adverse market conditions in the fourth quarter have led the company’s shipyards to incur writedowns of certain inventory and made provisions for impairment of trade receivables for certain contracts, which are deferred or may potentially be cancelled.
Cosco will provide details of its financial performance when it announces the FY 2015 results scheduled for Feb. 19, 2016.
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