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Icon Offshore Q1 profit down 86%

Icon Offshore Q1 profit down 86%
Troubled Malaysian offshore services provider Icon Offshore saw an 86% drop in net profit for the first quarter to MYR2.7m ($741,700).

Revenue also fell 20.5% year-on-year to MYR63.6m.

Icon said in a stock market announcement that the reduced revenue was primarily due to lower fleet utilisation rate of 64% for the quarter compared to 79% in the previous corresponding period due to lower demand and slower activities in the oil and gas industry.

However, this was partly offset by contributions from a new accommodation work boat vessel during the quarter under review.

Contributing to the lower profit also was the 11.2% higher cost of sales of MYR40.5m, mainly due to fuel costs incurred for vessels that are available for charter as well as vessels in drydock.

TAGS: Offshore