Seatrium widens net loss in FY23 to $1.9b

The company attributed its losses to non-cash write-downs, amongst others.

Seatrium widened its loss in FY23 to $1.9b compared with FY22.

In FY22, the company’s loss was $261m.

In a bourse filing, the company attributed its loss for the period to non-cash write-downs, provisions for contracts, legal and corporate claims, and merger expenses, which amounted to $2.0b for FY23.

Excluding exceptional items, the company’s underlying net loss was $28m.

Despite losses in FY23, the company is positive about its financial performance in FY24.

“With the successful completion of the integration and strategic review, the group is expected to benefit from its deep customer relationships and derive greater synergies from an enlarged business footprint, operational scale and enhanced capabilities,” the company said.