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Gaylin widens Q2 loss to S$4.96m

GAYLIN Holdings almost doubled its net loss as its revenue plunged and administrative expenses climbed during the second quarter.

Net loss for the three months ended Sept 30 widened to S$4.96 million from S$2.45 million for a year-ago period.

Loss per share for Q2 was 0.28 Singapore cent compared to 0.56 Singapore for the same quarter the previous year.

Second-quarter revenue was 13.6 per cent lower at S$16.46 million.

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Gaylin had issued a warning last Friday, flagging a Q2 loss due to "the continued challenging environment” for oil and gas industry players.

As well as a lower second-quarter revenue, its administrative expenses for the quarter had risen by S$700,000 mainly due to an increase in professional fees.

For the first half, the oil and gas contracting group posted a net loss of S$6.62 million, compared to S$4.53 million for the year-ago period.  

Gaylin said that its business is still in transition after it went through an equity infusion and debt restructuring exercise led by private equity firm, ShawKuei & Partners. The group flagged S$800,000 of non-recurring professional, consultancy and legal costs attributable to the acquisition of Amos International Holdings and other corporate exercises that impacted its first half performance.

Gaylin completed the acquisition of Amos International on Oct 18.

Gaylin last traded flat at five Singapore cents on Friday.