Falcon Energy Q1 net dips despite revenue surge

OFFSHORE marine service provider Falcon Energy Group's earnings fell 2.4 per cent for the first quarter ended June 30 in spite of a more than threefold increase in revenue, as cost of sales grew by a larger proportion and its share of profits from associates dropped.

The mainboard-listed group recorded net profit attributable to shareholders of US$8.1 million, down from US$8.3 million a year ago.

Revenue rose from US$26.2 million to US$92.7 million, driven by its oilfield services division, which provides logistics, procurement and support activities to oil producers.