News

Markets & Investing Transport & Logistics

Staff Reporter

, Singapore

Published:

2 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.

ALSO READ: Singaporeans need to save for 27 years to achieve financial freedom

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.

Follow the link for more news on

transportation

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia