Photo by Shaah Shahidh via Unsplash.
Seatrium is in the process of closing, writing down non-core assets.
SGX listed Seatrium Limited has warned that it will report “significantly higher” losses for 2023 compared to last year as it optimizes its assets.
“Accordingly, the group is expected to make a material non-cash write-down pertaining to the surplus non-core assets and excess and obsolete inventories in the current financial year. This will result in a financial loss that is significantly higher than the previous year,” Seatrium said in a statement. The group’s management is currently in the process of closing down surplus non-core assets and writing down excess and obsolete inventories, the group said in an SGX filing. This is expected to improve Seatrium’s productivity, optimise its cost structure, and reduce cash operating expenses.
This, in turn, will result in significant value creation in the medium and long-term, Seatrium added.
It will release its unaudited consolidated financial results for the six months and full year that ended on 31 December 2023 on 26 February 2024.