Singapore-listed offshore services provider Mencast Holdings posted a net profit of SGD1.26 (USD0.9 million) for the second quarter of 2015 ended 30 June 2015, down 79% year on year (y/y).
The company’s second-quarter revenue also tumbled 39% to SGD26.86 million from SGD43.9 million in the same period last year, dragged down by lower earnings, declining orders, and slowdown in the oil and gas sector.
“The protracted low oil prices continue to adversely affect our customers and their demand for our services in the oil and gas sector, especially our offshore division,” said Mencast executive chairman and CEO Glenndle Sim.
However, Sim remains upbeat about the company’s energy services segment, barring unforeseen circumstances.
Mencast’s orderbook stood at SGD18.5 million as of 30 June 2015.