Company briefs : Technics Oil & Gas

Technics Oil & Gas

Technics Oil & Gas said its net loss for the fourth quarter widened to $11.7 million from $8.6 million previously.

This was on the back of a 10 per cent fall in revenue to $18.2 million for the three months to Sept 30, mainly due to the de-consolidation of Vina Offshore Engineering from the group results.

Vessels impairment amounted to $11.4 million during the quarter.

Fourth-quarter loss per share worsened to 5.02 cents from 3.85 cents while net asset value per share rose by 3.28 cents to 32.45 cents. Holdings Holdings has chalked up a 12.1 per cent rise in net loss to $10.8 million.

Revenues fell by 1.8 per cent to $89.7 million for the year ended Sept 30.

Asiatravel said it managed to grow its online revenue despite aggressively cutting back on its advertising and promotion (A&P) spending, against a backdrop of aggressive A&P spending by its online competitors to capture market share in the group's core South-east Asia and Middle East markets and destinations.

Loss per share improved to 3.28 cents from 3.36 cents a year ago. Net asset value per share dropped by 0.84 cents to 7.01 cents.

Gross profit fell as the group reduced its mark-up pricing to maintain market share.

Net profit continued to take a hit, as Asiatravel incurred start-up expenses to set up and expand its China-centric business unit to position the group as a fully integrated China online domestic, outbound and inbound player.

Casa Holdings

Casa Holdings has chalked up a 68.8 per cent rise in net profit to $6.2 million despite a 24 per cent drop in revenue to $18 million for the year to Sept 30.

The drop was mainly due to the loss of the Ariston distributorship in the last quarter of last financial year and a decrease in project delivered during the year compared to the last financial year.

Earnings per share climbed to 2.95 cents from 1.75 cents previously while net asset value per share slipped to 32.9 cents compared to 34.65 cents a year ago.

A version of this article appeared in the print edition of The Straits Times on November 26, 2015, with the headline 'CompanyBriefs'. Subscribe