SINGAPORE (Oct 31): Baker Technology saw 3Q17 losses more than double to $3.53 million from $1.48 million a year ago.
Revenue for the third quarter ended September saw an 84% dip to $826,000 from $5.02 million in 3Q16, mainly due to the continued weakness in the oil and gas industry.
The group recognised foreign exchange losses in 3Q17 of $849,000 compared to a gain of $682,000 the previous year, due to the weakening of the US dollar against Singapore dollar.
However, due to cost reduction initiatives, the group’s administrative expenses decreased 4% to $2.81 million compared to $2.94 million in 3Q17.
As at Sept 30, the group’s cash and cash equivalents stood at $91.0 million.
Looking forward, the group will continue to manage operational expenditure and business risk amid the protracted downturn in the oil and gas industry.
Shares in Baker Technology closed 67 cents on Tuesday.
