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Technics Oil & Gas trims loss to S$8.37m for Q4 2014

MAINBOARD-LISTED Technics Oil and Gas Limited on Thursday posted a net loss of S$8.37 million for its fiscal fourth quarter ended September, down from a S$8.6 million loss a year ago.

The oil and gas solutions provider attributed the net loss to allowance for impairment on investment in associate and share of losses from associate.

The loss amounted to S$4.22 million for Q4 2014, compared with a profit of S$774,000 in the same period last year.

A 44 per cent increase in the company's administrative expenses to S$7.04 million for the period further dragged down revenue.

Revenue for the quarter jumped 160 per cent to S$20.14 million year-on-year, lifted by higher contributions from subsidiaries.

Cost of sales rose 21 per cent to S$11.62 million in line with the increase in revenue, said Technics.

Loss per share for the fourth quarter stood at 3.67 Singapore cents, down from the 3.83 cents posted in the corresponding quarter last year.

Net asset value per share as at end-September was 29.57 Singapore cents, compared with 25.67 cents in the same period last year.

On its outlook, the group said pipeline projects within the regional market remain on-track.

It added that it has constructed a new building block at its existing property in Loyang Way in Singapore, which it intends to partially sublet to those in the marine-related and offshore oil and gas industry. This is intended to add a new revenue stream to the group.