Viking Offshore & Marine posted a drop in third-quarter net profit but revenue rose year-on-year. The Singapore-listed offshore company registered third-quarter net profit of S$1.12m ($881,000) compared to S$6.43m in the same period of last year, Seatrade Asia online reports. “Net profit... is lower than that of the same period last year... largely due to the one-time gain on bargain purchase option of S$4.9m in the prior year from the acquisition of Promoter Hydraulics,” Viking O&M said.
Revenue was recorded at S$23.85m, an increase from S$18.78m a year ago.
Looking ahead, Viking O&M believed that the newbuilding activities within the marine sector will continue to be slow against the backdrop of recent economic and market volatility.
“Given the longer project implementation nature of the offshore and marine business, building the orderbook will be key in ensuring a fast-start to the new year,” the company stated.
Revenue was recorded at S$23.85m, an increase from S$18.78m a year ago.
Looking ahead, Viking O&M believed that the newbuilding activities within the marine sector will continue to be slow against the backdrop of recent economic and market volatility.
“Given the longer project implementation nature of the offshore and marine business, building the orderbook will be key in ensuring a fast-start to the new year,” the company stated.