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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).

Vincent Wee, Hong Kong and South East Asia Correspondent

May 28, 2015

1 Min Read
Kalyakan - stock.adobe.com

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.

About the Author

Vincent Wee

Hong Kong and South East Asia Correspondent

Vincent Wee is Seatrade's Hong Kong correspondent covering Hong Kong and South China while also making use of his Malay language skills to cover the Malaysia and Indonesia markets. He has gained a keen insight and extensive knowledge of the offshore oil and gas markets gleaned while covering major rig builders and offshore supply vessel providers.

Vincent has been a journalist for over 15 years, spending the bulk of his career with Singapore's biggest business daily the Business Times, and covering shipping and logistics since 2007. Prior to that he spent several years working for Brunei's main English language daily as well as various other trade publications.

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