Baker Tech Q3 net down 37%

BAKER Technology posted a 37 per cent decline in its third-quarter net profit to $3.6 million, hit by lower gross profit margins for existing projects.

A year earlier, the marine offshore equipment and services provider made a net profit of $5.7 million.

Revenue for the quarter was $20.7 million, down 5 per cent from $21.7 million the previous year. This was attributed to a slowdown in order intake between the second half of 2012 and mid-2013.