Technics Oil & Gas' earnings soared more than 20 times to $21.42 million in the third quarter ended June 30, 2015, from $1.03 million in the previous corresponding quarter.
However, excluding the one-off gains from sale of Vina Offshore Engineering, sale of property at 72 Loyang Way and losses to-date incurred by M2E Corp (Suzhou), Technics would have incurred a loss of about $3 million.
Meanwhile, revenue fell 9% to $17.5 million from $19.3 million a year earlier, mainly due to lower contributions from the construction business and de-consolidation of Vina.
Looking ahead, the oil & gas firm acknowledges that market conditions remain "difficult", saying that it is "cautiously optimistic" of its performance for the remainder of the year.
Shares of Technics ended flat at 68 cents on Aug 11.
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However, excluding the one-off gains from sale of Vina Offshore Engineering, sale of property at 72 Loyang Way and losses to-date incurred by M2E Corp (Suzhou), Technics would have incurred a loss of about $3 million.
Meanwhile, revenue fell 9% to $17.5 million from $19.3 million a year earlier, mainly due to lower contributions from the construction business and de-consolidation of Vina.
Looking ahead, the oil & gas firm acknowledges that market conditions remain "difficult", saying that it is "cautiously optimistic" of its performance for the remainder of the year.
Shares of Technics ended flat at 68 cents on Aug 11.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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