Neptune consolidation boosts MTQ's Q3 profit to $6.4m

CONTRIBUTIONS from recently acquired subsidiary Neptune Marine Services boosted the numbers for oilfield engineering company MTQ Corporation, which reported net profit of $6.4 million for its third quarter ended Dec 31, 2013.

This was up from a restated $1 million loss the same period a year ago, caused by a $4.8 million accounting loss from the Neptune acquisition. Excluding the loss, net profit would have been $3.8 million.

Revenue more than doubled to $75.1 million from $36.6 million a year ago, due mainly to Neptune.