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KTL Global's Q2 profit plunges 65% to S$240,000

KTL Global's net profit for the second quarter ended Dec 31, 2015 plunged 65 per cent to S$240,000, as revenue sank 32 per cent to S$14.06 million.

"The decrease was mainly due to the decrease in revenue generated across all segments," said the heavy lift and rigging equipment supplier on Tuesday night in a Singapore Exchange (SGX) announcement.

Earnings per share for Q2 FY2016 stood at 0.1 Singapore cent - a drop from the 0.3 Singapore cent in the corresponding period a year before.

No dividend was declared.

As for its 12-month outlook, KTL Global said that it expects FY2016 to remain challenging, due to the continued fall in crude oil prices. These are likely to remain under pressure all through 2016, it added.