Saturday, May 28, 2011

Alam Maritim posts net loss of RM7.38m in 1Q

KUALA LUMPUR: ALAM MARITIM RESOURCES BHD [] kicked off the first quarter of its financial year 2011 with net losses of RM7.38 million on weaker performance by it offshore support vessels segment.

It reported on Friday, May 27 the net loss for 1Q ended March 31, 2011 was a stark contrast of RM20.51 million a year ago.

Revenue fell 48% to RM34.68 million from RM66.87 million. Loss per share was 0.9 sen compared with earnings per share of 4.0 sen.

Its cash and cash equivalents at end of March 31, 2011 declined to RM94.35 million compared with RM167.15 million. Net cash generated from operating activities fell to RM4.38 million from RM52.68 million.

Elaborating on the first quarter net loss in 1Q ended March 31, 2011 was due to lower revenue and contribution margin registered for the current financial period under review.

'In addition, share of loss of associates and jointly controlled entities has also contributed to the adverse financial performance as compared to substantial share of profit of associates and jointly controlled entities for same period last year,' it said.

Alam Maritim added the group's revenue for 1QFY11 of RM34.7 million was lower than the 4QFY10 preceding quarter's revenue of RM40.2 million (restated) by 13.7% mainly due to lower revenue registered by offshore support vessels segment as a result of lower vessel utilisation rate.

'The loss before taxation for the current financial quarter of RM6.7 million was significantly lower as compared to loss before taxation of RM73.6 million (restated) for the preceding quarter. It was mainly attributable to higher other operating expenses incurred in the preceding quarter as a result of provision for doubtful debts and foreign exchange losses,' it said.

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