Singapore-listed offshore services provider Technics Oil & Gas’s profit reached SGD24.7 million (USD17.5 million) for the third quarter that ended on 2015, a huge increase from its profit of SGD1.1 million in the same period a year ago.
Despite the surge in profit, the company’s third-quarter revenue dropped 9% year on year to SGD17.5 million, dragged down by lower revenue contributions from its construction business and deconsolidation of Vietnam-based Vina Offshore Engineering, which Technics Oil & Gas later managed to dispose of in July 2015.
However, the drop in revenue was mitigated by contribution from the company’s newly acquired subsidiaries, namely Singapore-based Rigging & Marine Services, Marinelift Testing & Supply, and Technorr Marine.
Technics Oil & Gas also made a total of SGD31.6 million in the form of other gains in the third quarter, mainly through the one-off sale of Vina for SGD2.2 million and the sale and leaseback of company properties for SGD33.7 million. However, these gains were offset by the SGD4.3 million loss the company incurred in the disposal of its fixed assets.