Technics Oil reports narrowing of net loss for full year

SINGAPORE - Technics Oil & Gas, which provides compression systems and process modules to the oil and gas sector, reported on Thursday a net loss of $7.3 million, an improvement of 27 per cent from the $9.9 million loss last year.

The smaller loss came from a 70 per cent jump in group revenue for the year to Sept 30 to $69.2 million, as the group saw higher contributions from subsidiaries, with gross profit margin rising from 24 per cent to 37 per cent.

Looking forward, the company expects pipeline projects in the regional market will proceed on indicative timeline.

"Nevertheless, given the extent of the global credit crunch that has impacted the world's major economies; the group remains alert on new challenges that may arise in its external environment," it said.

Meanwhile, the group has constructed a new building block at its existing property at 72 Loyang Way, with plans to sublet some of the premises to marine and oil and gas operators, in a bid to expand revenue stream.

Net asset value per share was 29.57 cents, up from 25.67 cents previously.

Loss per share narrowed to 3.25 cents from 4.47 cents.