Jason Marine, which provides marine communications and navigation systems, said it expects to report a net loss in the first half.
"Market conditions remain challenging and the group's financial performance is being affected by the uncertainties and developments in the marine and offshore oil and gas industry," the company said in a statement late on Monday evening.
The company's results for the six months ended 30 September were affected by softer demand for the group's goods and services caused by the effects of depressed oil prices and intense market
competition.
Headquartered in Singapore, Jason Marine has a wide base of customers from the marine and offshore oil and gas industries that suffered due to depressed global crude prices, which are hovering below $50 a barrel on concerns about a persistent supply glut.
"We operate in a highly cyclical industry, and the past three years have been especially difficult. Looking ahead, we expect the next 12 months to remain challenging," Jason Marine's Executive Chairman, Joseph Foo said in the full-year earnings statement.
Jason Marine reported a net profit of S$0.4 million for the full year ended 31 March 2017 as against the net loss of S$6.0 million in the previous year.
The company is in the process of finalising the unaudited consolidated financial statements for the first half, it said.
