Marco Polo Marine sounds profit warning amid cash flow challenges

SINGAPORE (April 19): Marco Polo Marine has issued a profit warning ahead of its second quarter results, according to a report by Lim & Tan Securities.

The group says it expects to report a net loss in 2Q17 amid the challenging market environment, and intends to undertake a refinancing and debt restructuring exercise of all its current secured and unsecured debts to strengthen its cash flow and working capital position.

“Even though the global oil price may have recently stabilised, the offshore marine industry continues to remain in a sustained depression, affecting all the companies in this sector,” says Lim & Tan’s Singapore research team.

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