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Magnus Energy posts Q3 loss of S$5,000

Monday, May 11, 2015 - 21:41

MAGNUS Energy recorded a net loss of S$5,000 for the third quarter ended March 31, 2015, compared to a net profit of S$396,000 in the year-ago period.

Revenues were down 13.5 per cent at S$9.68 million, compared to S$11.19 million in the corresponding period last year.

For the nine months ended March 31, 2015, the group's revenue fell 2.4 per cent to S$30.31 million as a result of the recent plunge in global oil prices which led to a weaker demand in the oil and gas equipment segment. Meanwhile, net profits were down 29.7 per cent at S$1.13 million.

The group acknowledged that the recent plunge in global oil prices may negatively affect its overall performance.

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For the three months ended March 31, 2015, the group's loss per share was 0.0002 cent while net asset value per share was 1.23 cents. No dividends were declared for the quarter.

Before results were released on Monday, Magnus Energy closed trading down 1.43 per cent at S$0.069.

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