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Staff Reporter

, Singapore

Published:

3 years ago

Photo by Pixabay: https://www.pexels.com/photo/business-cargo-cargo-container-city-262353/

ES Group expects net loss for H1

The unexpected breakdown of the ES Jewel vessel contributed to the loss.

ES Group is expecting to post a net loss for the first half of the year mainly due to the loss from its shipping segment.

In a profit guidance, the Group cited the loss to the unexpected breakdown of its vessel ES Jewel in the fourth quarter of 2022, requiring it to undergo repairs and a scheduled docking in the first half of 2023.

“This resulted in a significant increase in repair and maintenance expenses and holding cost, as well as a decrease in revenue as the said vessel was not able to operate and generate any revenue during HY2023,” the Group said.

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The Group’s Board advised its shareholders and potential investors to “exercise caution when dealing in the shares of the company.”

It will release the unaudited consolidated financial results on or before 14 August.

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