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24 July 2020 Profit warning Kepple
https://links.sgx.com/FileOpen/KCL%20Ann...eID=624849
The Group has carried out a review to assess the assumptions used in the assessment of the carrying values of certain assets of the Group including the recoverability of contract assets, receivable balances and stocks under work-in-progress in relation to the Offshore & Marine (O&M) business, and investments in associated companies. Amidst the highly volatile environment and low oil prices, oil majors are curtailing exploration and production spending, which has adversely impacted day-rates and utilization rates of the O&M industry generally and the Group’s O&M business more specifically. Arising from this assessment, the Company would like to announce that there will be material impairments recognised in its 2Q 2020 financial results pertaining mainly to the O&M business, and the Group’s financial results will be significantly and adversely impacted for 2Q 2020 and 1H 2020.
Wear mask and keep your social distance, everyone.
https://links.sgx.com/FileOpen/KCL%20Ann...eID=624849
The Group has carried out a review to assess the assumptions used in the assessment of the carrying values of certain assets of the Group including the recoverability of contract assets, receivable balances and stocks under work-in-progress in relation to the Offshore & Marine (O&M) business, and investments in associated companies. Amidst the highly volatile environment and low oil prices, oil majors are curtailing exploration and production spending, which has adversely impacted day-rates and utilization rates of the O&M industry generally and the Group’s O&M business more specifically. Arising from this assessment, the Company would like to announce that there will be material impairments recognised in its 2Q 2020 financial results pertaining mainly to the O&M business, and the Group’s financial results will be significantly and adversely impacted for 2Q 2020 and 1H 2020.
Wear mask and keep your social distance, everyone.