Falcon Energy's full-year loss widens to US$121.2m

Singapore

MAINBOARD-LISTED offshore oil and gas contractor Falcon Energy Group's net loss widened to US$121.18 million for the year ended June 30, 2017, from a net loss of US$4.96 million in the preceding year.

Revenue slumped 56 per cent to US$106.82 million due mainly to a lower volume of works at its oilfield and drilling services division in FY2017, and lower deployment rate of vessels and drop in charter rates at its marine division.

The group's average gross profit margin contracted to 11.7 per cent in FY2017 from 20.5 per cent in FY2016, chiefly because of lower gross profit contributed by the m…