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.
About the Author
You May Also Like