Gaylin Q2 loss nearly doubles to $4.96m

SINGAPORE - Gaylin Holdings almost doubled its net loss for the second quarter as revenue plunged and administrative expenses climbed.

Net loss for the three months ended Sept 30 widened to $4.96 million from $2.45 million for the year-ago period.

Loss per share for Q2 was 0.28 cent compared to 0.56 cent for the same quarter the previous year.

Second-quarter revenue was 13.6 per cent lower at $16.46 million.

Gaylin had issued a warning last Friday (Nov 9), flagging a Q2 loss due to "the continued challenging environment" for oil and gas industry players.

As well as a lower second-quarter revenue, its administrative expenses for the quarter rose by $700,000, mainly due to an increase in professional fees.

For the first half, the oil and gas contracting group posted a net loss of $6.62 million, compared to $4.53 million for the year-ago period.

Gaylin said that its business is still in transition after it went through an equity infusion and debt restructuring exercise led by private equity firm, ShawKwei & Partners. The group flagged $800,000 of non-recurring professional, consultancy and legal costs attributable to the acquisition of Amos International Holdings and other corporate exercises that impacted its first-half performance.

Gaylin completed the acquisition of Amos International on Oct 18, 2018.

Gaylin last traded flat at five cents on Friday.