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Falcon Energy records loss for Q3

FALCON Energy dipped into the red for the third quarter as its revenue halved on a poorer performance by its oilfield services division.

The firm recorded a loss of US$3.2 million for the three months ended Dec 31, from a profit of US$6.5 million a year ago. This translates to a loss per share of 0.4 US cent, down from earnings of 0.79 US cent for each share.

Revenue fell 55 per cent to US$59.2 million. Other operating expenses of US$2.5 million and a 66 per cent rise in finance costs to US$2.9 million due to the purchase of additional equity interest in CH Offshore further eroded the bottom line.

Falcon Energy said that it will focus on further reducing its administration, operations and financial costs amid the challenging business environment.

The stock closed unchanged at 17.5 Singapore cents before the results announcement.