KS Energy Issues Profit Warning for 2015 as Industry Downturn Bites

Singapore-based oil and gas services provider KS Energy Limited (the Company and together with its subsidiaries, the Group) announced Wednesday that after preliminary assessment of the Group’s draft management accounts and unaudited financial results for the fourth quarter ended Dec. 31, 2015 (4Q 2015), the Board wishes to inform shareholders that the Group is expected to report a net loss for 4Q 2015 and a significant decline in the net result for the full year ended Dec. 31, 2015 (FY 2015) compared to the previous year.

With reference to disclosures given during the first three quarters in 2015 regarding the challenging operating environment and weak market demand, the results for 4Q 2015 and FY 2015 will be negatively impacted.

Details of the Group’s performance will be disclosed when it announces its unaudited financial results for 4Q 2015 and FY 2015 around the end of February 2016. In the meantime, shareholders and investors are advised to exercise caution when dealing in the shares of the Company.


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.