KUALA LUMPUR: Tanjung Offshore Bhd returned to the black for its second quarter ended June 30 as the oil and gas services company’s cost of sales halved.
It said on Wednesday cost of sales fell 50.7% to RM13.55mil from RM27.48mil a year ago. Earnings were RM1.74mil compared with a loss of RM1.21mil a year ago.
Tanjung Offshore’s revenue plunged 56% to RM15.37mil from RM34.55mil a year ago due to completion of various engineering equipment packages this year.
“There was a reduction in overall revenue recorded as most contracts are still at the bidding stages,” it said.
As for the first half, its topline tumbled 66% to RM23.51mil from RM68.81mil in the previous preceding period.
During the period, it made a loss of RM229,000 compared to a profit of RM882,000 a year ago.
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