Keppel warns material impairments mainly from O&M business to 'significantly' hit Q2, half-year results

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SINGAPORE - Keppel Corporation warned on Friday morning (July 24) that its second-quarter and half-year results to be released next week will be 'significantly and adversely impacted' by material impairments, relating mainly to its offshore and marine (O&M) business.. Read more at straitstimes.com.

SINGAPORE - Keppel Corporation warned on Friday morning that its second-quarter and half-year results to be released next week will be"significantly and adversely impacted" by recognition of material impairments, relating mainly to its offshore and marine business.

Keppel said its profit guidance followed a review it carried out on the assumptions used to assess 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 O&M business, as well as investments in associated companies.

The review was carried out in light of the Covid-19 pandemic which has severely impacted the global economy and brought about significant market volatility and uncertainty, including a sharp reduction in global demand for oil and in oil prices. 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," Keppel said.

The group will release its unaudited consolidated financial results for the second quarter and half-year on July 30.

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Keppel to recognise material impairments in Q2, mainly from O&M businessKEPPEL Corporation warned on Friday that it will recognise material impairments in its financial results for the second quarter ended June 30, 2020, pertaining mainly to its offshore and marine (O&M) business. Read more at The Business Times.
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