Gaylin Q4 loss widens to S$44m on hefty provisions, but is now net cash positive

Singapore

KEEN to make a fresh start, oil and gas contractor Gaylin Holdings took a S$35.5 million provision on old inventory that sent its fourth-quarter net loss to a wider S$44.4 million, or 6.13 Singapore cents per share, from a year-ago deficit of S$6.3 million.

But the company also has more cash than debt for the first time in six years. With a reset cost base, newly injected private equity money and fresh management, Gaylin is aiming to ride what it sees is rising optimism in the global oil and gas market.