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Barakah Offshore sinks to $1.1m loss in Q1

Barakah Offshore sinks to $1.1m loss in Q1
Barakah Offshore Petroleum turned to a loss of MYR4.6m ($1.1m) in the first quarter from a MYR1.3m profit in the previous corresponding period as revenue fell to MYR76.8m from MYR103.3m previously.

Barakah said in a stock market announcement that the weaker performance was due to lower revenue from its installation and construction services segment, which fell 44% to MYR45.8m from MYR82.2m in the previous corresponding period.

The company said this was mainly due to the completion of transportation and installation (T&I) works which were brought forward from the previous year, exacerbated by no orders during the first quarter of this year. Some Procurement, Construction and Commissioning projects during the period however helped ameliorate the falls in revenue, Barakah said.

The pipeline and commissioning services segment meanwhile contributed well with a 47% rise in revenue to MYR31.1m from MYR21.1m previously as revenue from several ongoing hook-up, commissioning and maintenance jobs has been brought forward from the previous year, Barakah said.

Moving forward, the group said it would remain resilient and continue to implement various cost-cutting measures to improve operational efficiency.

"We will also continue to explore various opportunities to expand our revenue base," Barakah added.