MTQ Corp reports 13% drop in Q4 earnings

MTQ Corporation, a regional engineering, maintenance and subsea services group, posted $78.9 million in revenue for the fourth quarter, a 16 per cent drop from the same period last year.

It attributed this to the absence of a vessel campaign which had previously boosted revenue.

In line with lower revenue, net profit fell to $5.8 million, a 13 per cent drop from $6.7 million net profit for the same period last year.

This translated into basic earnings per share of 4.56 cents.

Net asset value per share was $1.03, up from $0.88 previously.

The company said its oilfield engineering business contributed to revenue growth, with increased activity levels in Bahrain and incremental growth in Singapore. But revenue from the engine systems segment declined by 13 per cent, mainly due to Australian Dollar depreciation.

MTQ Corporation shares closed up 4.5 cents at $1.945 on Monday.