SINGAPORE (July 31): Baker Technology, the provider of marine offshore equipment and services, sunk to a net loss of $2.1 million for the 2Q17 ended June.
2Q revenue came in at $1.4 million, 83% lower than the $8.1 million recorded a year ago as depressed sentiments continued to weigh on the market.
For the 1H17 ended June, Baker Tech posted a 83% drop in group revenue to $2.4 million from $14.1 million in 1H16.
The lower revenue, coupled with foreign exchange loss of $2.3 million from weakening of the US dollar against the Singapore dollar resulted in a net loss of $4.0 million for 1H17.
As at end June, the group holds $93.4 million in cash and short-term deposits, with no borrowings.
Shareholders’ funds decreased to $209.1 million as at end June, due to the payment of dividend to shareholders and net loss in the current period.
In its outlook, the group expects near-term demand and supply discrepancies of the oil and gas sector to persist, pending a review of OPEC’s global pact on reducing supply that was agreed this year. The group remains prudent and cautious in mitigating the challenges ahead.
Shares in Baker Tech closed 1 cent higher at 62 cents.
