Chinese shipbuilder JES International has asked the Singapore Exchange (SGX) for more time to release its annual results as delivery delays bite, Seatrade Asia online reports. JES said it had applied for extension to issuing its 2011 financial results due to “the current business environment facing the shipbuilding industry and the operational conditions in the shipyard”. As a result the shipbuilder said it needed more time to consider the need for provisions for liquidated damages related to the delay in the delivery of certain vessels and expected delivery delays.
The company said it also needed more time to reconcile accuracy work-in-progress accounts.
JES International filed the application to delay its results on Wednesday and does not yet know the outcome.
The company said it also needed more time to reconcile accuracy work-in-progress accounts.
JES International filed the application to delay its results on Wednesday and does not yet know the outcome.