Net profit during the quarter for Viking O&M stood at S$1.11m ($891,638) as against a net loss of S$10.08m in the same period of last year.
Second quarter revenue dropped to S$20.37m from S$22.52m a year ago.
Singapore-listed Viking O&M said delays in the award of orders coupled with the longer-than-expected decision cycle by the customers reflected the slowdown in the offshore marine industry that contributed to the lower revenue.
“The group continues to hold the view that the industry conditions is expected to be challenging in the near term and this is especially so for the marine sector. The longer gestation period in customer decision cycle coupled with order award delays and cancellation further evidenced the impending difficult operating environment,” Viking O&M said.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
