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Tanjung Offshore sees red in H1 despite profitable Q2

Tanjung Offshore sees red in H1 despite profitable Q2
Offshore oilfield service provider Tanjung Offshore saw its first half results sank into the red as revenue plunged, despite a swing to profit in the second quarter.

Net loss in the January to June 2015 period was recorded at MYR229,000 ($53,940) as against a profit of MYR882,000 in the same period of last year.

The poor performance was due to the 65.8% year-on-year plunge in first half revenue to MYR23.51m due mainly to lower contributions from many contracts which are still at the bidding stages.

The first half loss came despite Tanjung Offshore registering a profit of MYR1.74m in the second quarter, erasing the loss of MYR1.21m in the previous corresponding period.

Second quarter revenue also fell 55.5% year-on-year to MYR15.37m, the Kuala Lumpur-listed firm announced.

“Despite the challenges in the oil and gas industry, the company will continue to focus in the oil and gas business. At the same time, the company will also look into new ventures for potential business growth,” Tanjung Offshore commented.

TAGS: Offshore