RM1.3m Q3 net profit for TAS Offshore

PETALING JAYA: TAS Offshore Bhd has registered RM1.3 million in net profit for its financial period ended Feb 28, 2017 (Q3’17), from a net loss of RM13.5 million in the previous corresponding quarter.

Revenue declined 19.4% to RM13.7 million, compared with RM17 million in the same period last year.

For the nine months period, the group recorded a net profit of RM655,000, against a net loss of RM3.06 million a year ago, while revenue decreased 85.4% to RM18.9 million, from RM128.8 million previously.

In a filing with Bursa Malaysia yesterday, the shipbuilding and ship repair services company said, in the long term, it envisages the oil price outlook to be positive due to the increase in demand for energy when industrial and development activities increase in tandem with the population growth and the demand for offshore support vessels to return.

In addition, it said the Indonesian government’s decision to ease the ban on export of unprocessed mineral ores since January 2017 may augurs well for the company.

“As a consequence, Indonesia is expected to export about 30 million metric tons of bauxite alone in 2017. This may call for the demand for vessels required for such activities. This development augurs well for our company. We are thus, optimistic of our prospects,” it added.