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Gaylin flags loss for Q2 due to 'challenging' oil and gas environment
THE board of oil and gas contractor Gaylin Holdings on Friday said that following a preliminary review of the unaudited financial results of the group for the second quarter ended Sept 30, 2018, the group is expected to record a net loss due to the "continued challenging environment" for the oil and gas industry players.
Further details of the group’s financial performance will be disclosed when the company announces its second-quarter results on or before Nov 14.
Last month, shareholders of Gaylin Holdings voted in favour of its plan to acquire its industry peer Amos International Holdings for S$48.6 million in an all-shares deal.
Following the acquisition, Amos will become a wholly owned subsidiary of Gaylin. Gaylin has also proposed to rename itself Amos Group; this is subject to the approval of shareholders at an extraordinary general meeting to be convened.