COPENHAGEN, Denmark, Feb. 27, 2013 (GLOBE NEWSWIRE) -- With reference to company announcement no. 40 dated 7 December 2012, one bank group has exercised an option to initiate a TORM-led sales process for five vessels. As this process is progressing well and is expected to be concluded in 2013, TORM will classify these vessels as assets held for sale in the 2012 financial statements, which will cause a USD 74 million impairment loss. As a consequence of the USD 74 million impairment loss from assets held for sale, TORM revises its forecast for the full year 2012 from an expected loss before tax of USD 500-530 million to an expected loss before tax of approximately USD 579 million. TORM will publish its Annual Report for 2012 on 13 March 2013 as planned.
|Contact TORM A/S||Tuborg Havnevej 18|
|Jacob Meldgaard, CEO, tel.: +45 3917 9200||DK-2900 Hellerup, Denmark|
|Roland M. Andersen, CFO, tel.: +45 3917 9200||Tel.: +45 3917 9200 / Fax: +45 3917 9393|
|C. Søgaard-Christensen, IR, tel.: +45 3076 1288||www.torm.com|