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Baker Tech's Q3 profit down 38%
BAKER Technology chalked up a 38 per cent drop year on year in net profit to S$2.66 million for the third quarter ended Sept 30, in line with lower revenue.
Revenue fell sharply from S$21.11 million to S$5.56 million, down 74 per cent, on the back of a slowdown in the oil and gas industry.
Earnings per share for the quarter came to 0.26 Singapore cent, down from 0.48 cent a year ago.
The bottom line in the third quarter was bolstered by a foreign exchange gain of S$3.6 million, thanks to the stronger greenback against the Singapore dollar.
For the nine months ended Sept 30, net profit was 29 per cent higher at S$9.11 million, lifted by a foreign exchange gain, while revenue was down 20 per cent to S$46.17 million.
"The operating and business environment remains challenging for the next 12 months with the expectation that oil prices will remain low," Baker Technology said. "The group continues to explore external avenues for strategic alliances and acquisitions."