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MTQ Corp narrows Q1 loss by 6% despite fall in revenue

Wednesday, July 27, 2016 - 19:07
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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.

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.