OFFSHORE and marine equipment and services firm Baker Technology yesterday posted a 92 per cent drop in net profit for the second quarter ended June 30 to S$1 million, compared to S$11.3 million for the same period last year.

Excluding gains on the disposal of associate Discovery Offshore (DO) of S$8.9 million last year, its net profit this quarter was 61 per cent lower than the S$2.5 million made last year.

Group turnover for the quarter was 20 per cent lower at S$17.8 million, down from S$22.1 million a year ago. This was due to lower revenue recognition for existing projects.