Technics Oil & Gas' Q1 net loss widens to S$1.21m

TECHNICS Oil & Gas' net loss for the first quarter ended Dec 31, 2015 widened to S$1.21 million from a net loss of S$593,000 in the corresponding period a year earlier.

Revenue fell 18 per cent to S$15.17 million, due to weak market demand.

The group had issued a profit warning earlier on Tuesday, flagging that it expected to report an operating net loss for Q1 FY2016.

Loss per ordinary share for the quarter stood at 0.53 Singapore cents, compared to a loss per share of 0.25 cents the year before.

No dividend was declared.