KUALA LUMPUR: EA Technique (M) Bhd
, which will be listed on the Main Market of Bursa Malaysia on Thursday, posted lower earnings in the third quarter ended Sept 30, 2014 on soaring cost of services.
The company announced on Tuesday its earnings were RM4.78mil, down 41.4% from the RM8.67mil a year ago as cost of services jumped to RM21.09mil from RM14.82mil.
EA Technique, which provides tankers for the transportation and offshore storage of oil and gas and support offshore vessels, reported revenue rose 11.3% to RM37.82mil compared with RM34.99mil a year ago. Earnings per share were 1.23 sen compared with 2.09 sen.
For the nine months ended Sept 30, 2014, its earnings slumped 79.6% to RM10.91mil from RM53.63mil in the previous corresponding period when there was a gain from the disposal of an associate company amounting to RM37.5mil.
Its revenue rose 29.4% to RM113.47mil from RM87.70mil due to the increase in revenue from marine transportation and offshore operations as well as port marine services operations.
As at end-October, the company operates 31 marine vessels, which comprise of eight O&G tankers which include one floating storage unit (FSU), two OSVs and 21 marine support vessels.
This year, the group acquired two harbour tugboat for port marine services and one oil tanker which is in midst of being converted into an FSO.
EA Technique expects the FSO to start operations in April 2015. The group also expects six new vessels, which are under construction to be delivered in stages starting by end of 2014 until the second quarter of 2015.