Published:
Ezion sinks into a $17.9m net loss in Q1
The lower gross profit margin is partly to blame.
Ezion Holdings reported a slump in revenues for the past quarter, down 16.4% to US$68.6m.
The lower gross profit margin of 12.8%, as well as US$13.3m net foreign exchange loss resulted to a net loss of US$12.7m ($17.9m) for the group.
OCBC Investment Research said the strengthening of the SGD against the USD resulted in forex losses on the group’s notes payable.
"Whilst not expecting the charter rates for its fleet to recover quickly, management is seeking to improve the utilisation of its fleet in 2H17. It is also working with potential partners on co-ownership of some assets," the brokerage firm said.
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