COSCO SHIPPING International (Singapore) Co., Ltd. provided earnings guidance for the financial year ended December 31, 2022. For the year, the Group is expected to report a net loss for FY2022 with a significant deterioration in profit for fiscal year 2022 as compared to fiscal year 2021. The financial results for fiscal year 2022 were affected by a non-cash impairment of goodwill in connection with the Group's investment in Cogent Holdings Pte.

Ltd. (formerly known as Cogent Holdings Limited), which was compulsorily acquired by the Group for SGD 490 million in 2018. The Group recognized goodwill of SGD 99 million arising from the aforesaid acquisition. In accordance with the Singapore Financial Reporting Standards, the management of the Company performed an annual impairment assessment on the goodwill and concluded that an impairment was required for fiscal year 2022.

The amount to be impaired has been assessed to be SGD 99 million.