SINGAPORE (June 28): XMH Holdings, the diesel engine and power generating solution provider, swung to a 4Q and FY17 net loss of $2.13 million and $1.1 million respectively.
Excluding the one-off non-cash impairment on intangible assets of $2.6 million, XMH says the group would post FY17 ended April earnings of $1.6 million.
Revenue for 4Q decreased by 18.1% to $26.1 million. Full-year revenue decreased by 16.8% year on year to $90.2 million due to a decrease in revenue recorded in the project and after-sales business segments, which were affected by the weak market sentiment and lower contract value awarded.
XMH said that this was partially offset by improved sales from the distribution business segment.
Looking ahead, XMH says as oil prices struggle to stabilise, cost reduction is still the focus as the offshore marine industry remains under pressure.
Shares in XMH closed 2.5 cents lower at 26.5 cents on Tuesday.
