Gaylin Q4 loss widens to S$44m on hefty provisions, but is now net cash positive
Singapore
KEEN to make a fresh start, oil and gas contractor Gaylin Holdings took a S$35.5 million provision on old inventory that sent its fourth-quarter net loss to a wider S$44.4 million, or 6.13 Singapore cents per share, from a year-ago deficit of S$6.3 million.
But the company also has more cash than debt for the first time in six years. With a reset cost base, newly injected private equity money and fresh management, Gaylin is aiming to ride what it sees is rising optimism in the global oil and gas market.
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