ENGINEERING, maintenance and subsea services group MTQ Corp sank into the red with a net loss of S$501,000 for the second quarter ended Sept 30, compared to a net profit of S$5.28 million for the corresponding quarter a year ago.
Revenue declined 28 per cent year on year to S$57.82 million on the back of weak demand for its oilfield engineering business, especially in Singapore. Meanwhile, revenue from Bahrain was slightly higher year on year. Its engine systems' operating performance was stable, although the weaker Australian dollar weighed on revenue.
Loss per share came to 0.32 Singapore cent, compared to earnings per share of 3.46 cents.
Kuah Boon Wee, group chief executive officer, said: "Oil prices remain weak and MTQ continues to see tepid demand for oilfield services, especially in Singapore. While revenue opportunities elsewhere have remained steady, competitive pricing has put pressure on margins."
He added: "We will stay focused on securing business while continuing to monitor costs and raise utilization levels. The general outlook does remain challenging but we remain committed to being stronger in better markets."