ASL Marine's loss widens 848.1% to $62.5m in Q4

Impairment charges on inventories and equipment piled up.

ASL Marine continues to sink into the red after its net loss widened 848.1% to $62.5m in Q4.

According to its financial report, this brings the company's full year loss to $71.7m.

Most of the losses in Q4 were attributed to impairment charges.

ASL Marine provided a net allowance for the impairment of doubtful receivables at $18.4m, impairment for inventories at $13.8m and for property, plant, and equipment at $22m.

An impairment loss of $9.1m was paid for three Platform Supply Vessels (PSV) which ASL Marine holds as inventories for sale.

It also paid $4.7m to halt the building of two vessels "in view of the protracted downturn of the global marine industry."

There was impairment of its chartering fleet of vessels based on valuation guidance from its independent valuers.