ALAM LOSS AGAIN KANASAI, LUCKILY I CHOP LIAO, ELSE APA PUN TAK ADA.
Written by Joseph Chin of theedgemalaysia.com
Monday, 28 February 2011 20:46
KUALA LUMPUR: ALAM MARITIM RESOURCES BHD [] swung into the red with net loss of RM49.62 million in the fourth quarter ended Dec 31, 2010 and also losses of RM8.24 million in FY10.
It said on Monday, Feb 28 revenue fell 56.6% to RM51.97 million from RM120.04 million a year ago while it posted net loss of RM49.62 million, a contrast from the net profit of RM36.41 million a year ago. It posted loss per share of 6.0 sen compared with earnings per share of 7.20 sen.
The losses in 4Q “was mainly due to higher other operating expenses as a result of provision for doubtful debts, lower contribution margin from underwater services and the offshore Installation and CONSTRUCTION [] (OIC) segment and lower share of profit of jointly controlled entities”.
Alam Maritim said in the financial year ended Dec 31, 2010, its revenue fell 27.2% to RM253.97 million from RM348.92 million while it made net loss of RM8.24 million compared with net profit of RM91.28 million.
This (decline in revenue) is mainly attributable to lower revenue derived from both offshore support vessels (by 23.4%) , underwater services and offshore installation & construction (by 15.7%) segments.
“The loss before taxation for the current financial year of RM2.3 million was 102.1% lower in comparison to RM112.5 million recorded for the preceding year, due to lower revenue and contribution margin registered for the current financial year under review and the increase in other operating expenses by RM34.2 million due mainly to provision for doubtful debts,” it said.