MTQ Corp narrows Q1 loss by 6% despite fall in revenue
WEAKER activity in its oilfield and subsea divisions during the first quarter of financial year 2017 eroded MTQ Corporation's revenue, but improved efficiencies and lower costs helped it narrow its net loss by 6 per cent to S$2.18 million.
Revenue fell by 24 per cent for the three months ended June 30 to reach S$45.78 million. Revenue was at S$60.1 million in Q1 of FY2016.
Net loss narrowed, however. It was at S$2.18 million in Q1 FY2017, better than the S$2.33 million loss in the same period last year.
Loss per share weakened to 1.41 Singapore cents for Q1 FY2017 from 1.51 Singapore cents last year.
No dividend was declared.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Hot stock: UOI surges to over 6-month high amid heavy trading
Brokers’ take: AEM now in ‘hold’ position for Maybank and DBS
Cordlife says private placement is to address urgent cash needs
TSMC keeps sales growth up in April as AI drives 60% jump
OCBC CEO confident on 2024 performance as Q1 profit rises 5% to S$1.98 billion
Europe’s rush for rate cuts shifts global market power away from US