Thursday, May 19, 2011

Tanjung Offshore slips into the red in 1Q

KUALA LUMPUR:'' TANJUNG OFFSHORE BHD [] posted net loss RM3.29 million for the first quarter ended March 31, 2011 compared to net profit RM3.05 million a year earlier, due mainly to weaker demand within the industry especially in the engineering equipment division.

Revenue for the quarter fell to RM100.57 million from RM127.55 million in 2010. Loss per share was 1.14 sen while net assets per share RM1.25.

Reviewing its performance on Thursday, May 19, Tanjung said the first quarter loss was also partially due to a net loss of RM4.7 million incurred from the disposal of its entire stake in Hercules Tanjung Asia Sdn Bhd.

On its current year outlook, Tanjung said it remained positive on the prospects of the oil and gas industry in Malaysia and the region.

The company said it was confident that it would be able to continue to enhance its services to the various oil majors, in particular the many development programmes spearheaded by Petronas.

'Tanjung will continue to penetrate niche markets within its four core businesses to further enhance its growth in revenue and profitability in the oil and gas industry.

'We will continue to invest in sectors or assets that are fundamentally strong in generating healthy returns and taking a long term outlook of the oil and gas industry,' it said.


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