Net profit during the quarter dropped 4.6% year-on-year to $13.3m while revenue rose 12.7% to $61.3m.
The increase in revenue was drivenly mainly by higher sales from both third party customers and related parties, according to Singapore-listed Kreuz.
“Our current orderbook, which stands approximately at $248m, shall provide us with a strong foundation towards future growth,” said Kurush Contractor, executive director and ceo of Kreuz.
Notwithstanding the uncertain global economic outlook, Kreuz believed that the long term fundamentals of the oil and gas industry pertaining to subsea activities remain viable.
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