The Board of Directors of Beng Kuang Marine Limited announced that following a preliminary review of the Group's unaudited financial results for the financial year ended 31 December 2020 ("fiscal year 2020"), the Group is expected to report a significant loss for the fiscal year 2020. The expected net loss for FY2020 is mainly attributable to (a) the impact of the COVID-19 pandemic which(i) restricted the company's foreign workers from working for certain durations of the year due to quarantine measures, and (ii) weakened the general business environment; (b) asset impairment to the carrying values of the company's livestock carriers to reflect fair market value resulting from the weakened business environment (further, one of the company's livestock carriers encountered a minor accident which required repairs and suffered resultant downtime); (c) unrealised foreign currency exchange loss resulting from the unfavourable USD dollar to SGD dollar exchange rate as at end December 2020.