Amos Group, formerly Gaylin Holdings, widens Q3 loss to $6.3m

The Singapore Exchange Centre in Shenton Way.
The Singapore Exchange Centre in Shenton Way.PHOTO: ST FILE

SINGAPORE - A non-recurring acquisition and restructuring cost of $3 million took a toll on Amos Group's third quarter results, even as revenue more than doubled.

For the three months ended Dec 31, net loss widened to $6.3 million, from a loss of $2.6 million for the year-ago period.

The group was formerly known as oil and gas contractor Gaylin Holdings, and was renamed following its acquisition of industry peer Amos International Holdings (AIH) in October 2018.

Nonetheless, the group managed to narrow its loss per share to 0.26 cent, from a loss per share of 0.6 cent a year earlier.

No dividend has been declared, unchanged from the preceding year.

Revenue for the quarter more than doubled to $33.6 million, mainly attributable to an increase in the firm's traditional rigging and lifting business, as well as contributions from AIH's marine supplies business.

Amos noted that a fall in average quarterly oil price by almost 9 per cent over the last two quarters has affected the "already subdued pace of advancement of potential new offshore projects", which is expected to continue for some time.

However, the group added that expansion and upgrading works for its supplies and solutions fulfilment centre in Singapore remain on target, with completion slated for March 2019.

Separately, Amos on Wednesday night also announced that Danny Lien, 55, will cease to be the group's chief commercial officer, and will instead take on the appointment as a non-executive director. As at Feb 13, Mr Lien holds about 220.3 million shares in the company, representing a 8.48 per cent stake in the group.

Amos's shares last traded flat at 3.5 cents apiece on Feb 1.