MAINBOARD-LISTED MTQ Corporation on Wednesday reported a first quarter net profit of S$767,000, from a net loss of S$3.5 million a year ago. Contributions for the quarter came mainly from its oil engineering segment, it said in a regulatory filing before the market opened. Read more at The Business Times.
MTQ Corporation files notice of 3 years' losses; 6-month market cap still above SGX watch list threshold
On outlook, the group said its oil engineering segment continued to make steady progress on improving profitability. The orders it has on hand, along with the general level of enquiries are said to be"encouraging for the rest of the year even as the overall macro economy weakens". As for the Neptune segment, the group said its outlook is"strengthening", but overall profitability requires better margins and higher activity levels. It added that it has been"in discussions" to strengthen this segment.
"Accordingly, the group has decided to unlock the value of the Neptune segment by partnering with an established subsea vessel operator which will bring synergies into our investment in this subsea space," MTQ group chief executive Kuah Boon Wee said. Operational execution will be the next near-term focus in improving overall performance, Mr Kuah added.
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