SINGAPORE (Mar 24): Gaylin Holdings, the Singapore-based provider of rigging and lifting solutions to the global oil and gas, expects to record a net loss for FY18 ended March.

Gaylin said the projected net loss is mainly attributable to an impairment of approximately $25 million to the value of aged inventories held by the group and continued weak market conditions in the oil and gas industry.

The impairment is based on a valuation of the group's inventories by a professional valuer, added Gaylin.

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