Ezra Holdings has posted a heavy loss in the fourth quarter due to big impairment charges as the pressure from the offshore slump continues to hurt the company.
The Singapore-listed owner saw red ink of $418.8m in the three months to August, compared to an $18m profit a year earlier.
It recognised impairments on its assets and joint ventures of more than $250m.
Ezra booked quarterly revenue of $136m, a decline of 8% year-on-year.
This was due to a weaker contribution from its offshore support and production services divisions.
Ezra expects the tough market conditions to keep taking a toll on the company’s bottom line.
“This trend is expected to continue and will have a negative impact on the group’s financial performance and executable order book in the near term,” Ezra said.
