By BERNAMA
Icon Offshore Bhd’s pre-tax profit for the third quarter (Q3) ended Sept 30, 2015 fell to RM5.9 million from RM19 million in the corresponding period last year.
In a filing to Bursa Malaysia today, the company said the revenue decreased to RM69.1 million, down by RM10.6 million or 13.3%, from RM79.7 million previously.
“The decrease was primarily due to lower vessel utilisation rate of 61.9% for the quarter under review from 76.1% a year ago, mainly due to completion of contracts, scheduled dry docking, and repair and maintenance programme for vessels, as well as continuous lower activities in the oil and gas industry,” it said.
The company said while the industry’s outlook is expected to remain soft, certain portion of the group’s order book is long-term (more than one year) in nature, and the group remains focused to ensure that its utilisation rate is maximised through competitive tendering for domestic and regional contracts.
“In view of this, the board of directors remain cautious on the group’s financial results for the financial year ending Dec 31, 2015,” it said.
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