Alam Maritim Registers Lower Profits for First Quarter 2015

Monday / May 25, 2015

Island_CrusaderAlam Maritim Resources has reported a net profit of RM 8.59 million for the first quarter ended March 31, 2015 which is down by 45% against RM 15.59 million a year ago for the same period. The downturn was attributed to lower average utilisation rate of offshore support vessels (OSV) and lower revenue from the offshore installation & construction (OIC) segment.

However, revenue generated from subsea services/OIC segment was higher, greater than 100% as compared to last year, mainly due to revenue contribution from the subsea project. Due to slower project rollouts and softening contract rates, Alam Maritim expects the oil and gas industry to be quite unstable in the interim period.

It said the business outlook for Alam Maritim group is influenced by the level of capital expenditure spending by the oil majors, which is in line with the volume of exploration and production activities.

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