CH Offshore's Q1 net dives 20% to US$7.4m as revenue shrinks

Singapore

CH Offshore yesterday posted a 19.7 per cent decline in its net profit for the first quarter as revenue fell a steep 40.3 per cent.

The offshore service provider reported a net profit of US$7.4 million for the three months ended Sept 30, compared to US$9.2 million last year. Revenue declined to US$7.9 million from US$13.2 million due to lower utilisation and lower charter rates for two vessels.