Scomi sees RM126.7m net loss for Q3

PETALING JAYA: Scomi Group Bhd recorded a net loss of RM126.69 million for its third quarter ended March 31, due to the loss of transfer of subsidiary shares, impairment of receivables, forex loss and cost for an aborted corporate proposal, and operating expenses.

Subsequently, it reported no revenue for the quarter and with the change to its financial year ended from March 31 to June 30, there is no suitable comparison for the period under review.

According to the group’s Bursa filing, its oilfield services business, which is now contained within Scomi Engineering Services Bhd (SESB), reported a profit before tax (pbt) of RM300,000, for the quarter from a loss before tax (lbt) of RM400,000 contributed by forex gain of RM9.2 million and lower operating expenses during the current period.

Its marine services business posted a pbt of RM400,000 against the lbt of RM38.6 million reported previously attributed to a one-off impairment of an offshore supply vessel.

For a 9-month period ended March 31, 2020, the group posted a net loss of RM132.67 million, while revenue for the period stood at RM232.02 million.

In regards to its future prospects, Scomi stated that the Covid-19 pandemic and movement control order (MCO) continues to impact its prospects.

It revealed that assessment will be carried out by the group as required on any material development as a result of Covid-19 pandemic or MCO to assess its effect on the segments and revise the prospects of the segments accordingly in the future.