Slowdown in orders a drag on net profit at Baker Technology

Net profit for the quarter at Singapore-listed Baker Technology plunged 37 per cent to $3.62 million due to a slowdown in orders between July last year and June this year.

The company, which makes specialised marine offshore equipment and services for the oil and gas industry, saw its revenue fall 5 per cent over the same period last year, to $20.72 million.

After a pick-up in orders in the third quarter this year, the group's net order book stood at US$55 million (S$68.4 million) as of Sept 30. These orders are expected to be completed within the next 12 to 18 months.

Earnings per share was 0.38 cents for the quarter, down from 0.81 cents in the corresponding period last year.

Net asset value per share was 27 cents, down from 36.4 cents as at Dec 31.