KUALA LUMPUR: TANJUNG OFFSHORE BHD [] posted net loss of RM116,000 in the fourth quarter ended Dec 31, 2010 compared with net profit of RM614,000 a year ago mainly due to the provision for impairment of trade receivables deemed difficult to be recovered and bad debt written off.
It said on Monday, Feb 28 that its revenue was RM139.85 million versus RM136.25 million while loss per share was 0.04 sen compared with earnings per share of 0.25 sen.
When compared with the third quarter ended Sept 30, 2010, it said the group's total revenue for the current quarter of RM139.86 million was higher than the RM137.25 million in 3Q.
For FY10, it posted net profit of RM7 million compared with earnings of RM3.07 million a year ago. Revenue fell 16.6% to RM541.81 million compared with RM649.65 million in FY09.
Tanjung Offshore said it was impacted by weaker demand within the industry in FY10. However, its earnings rose'' mainly due to turnaround in the business operations at Citech Energy Recovery Systems UK Limited (Citech) through continuous cost monitoring measures and new contracts secured in FYE 2010.
'Citech's profit after taxation margin for FYE 2010 improved to 3% from -16% in FYE 2009.'' We have also taken delivery of four (4) additional new units offshore support vessels which have generated revenue and profits for Tanjung in FYE 2010,' it said.
It said on Monday, Feb 28 that its revenue was RM139.85 million versus RM136.25 million while loss per share was 0.04 sen compared with earnings per share of 0.25 sen.
When compared with the third quarter ended Sept 30, 2010, it said the group's total revenue for the current quarter of RM139.86 million was higher than the RM137.25 million in 3Q.
For FY10, it posted net profit of RM7 million compared with earnings of RM3.07 million a year ago. Revenue fell 16.6% to RM541.81 million compared with RM649.65 million in FY09.
Tanjung Offshore said it was impacted by weaker demand within the industry in FY10. However, its earnings rose'' mainly due to turnaround in the business operations at Citech Energy Recovery Systems UK Limited (Citech) through continuous cost monitoring measures and new contracts secured in FYE 2010.
'Citech's profit after taxation margin for FYE 2010 improved to 3% from -16% in FYE 2009.'' We have also taken delivery of four (4) additional new units offshore support vessels which have generated revenue and profits for Tanjung in FYE 2010,' it said.
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