EMAS Offshore posts US$2.2m net loss for Q1 2017
EMAS Offshore Limited, a subsidiary of Ezra Holdings and a dual-listed company in Singapore and Norway, on Wednesday posted a net loss of US$2.2 million for the quarter ended Nov 30, 2016 (Q1 2017), on continual weakness in the offshore oil and gas industry.
This compares to a net loss of US$3.2 million a year ago.
For Q1 2017, the offshore services provider saw a 15 per cent year-on-year fall in revenue from US$49.7 million to US$42.5 million, due to lower demand for offshore support vessels.
Loss per share for the quarter stayed flat at 0.01 US cent.
No dividends were declared for the period.
EMAS said: "Offshore oil and gas activities have not increased significantly, and this trend is expected to continue and will have a negative impact on the group's financial performance."
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Nvidia agrees to acquire Israeli AI software provider Run:ai
HSBC says growing Chinese wealth fuels client investments in US
Unilever's India quarterly profit disappoints
US: Wall St opens higher on tech boost, upbeat earnings
GM CEO Barra compensation fell 4% in 2023 to US$27.8 million
Prada’s sales up 16% in first quarter as Miu Miu shines