KUALA LUMPUR: Barakah Offshore Petroleum Bhd
posted pre-tax loss of RM3.15 million for the first quarter ended March 31, 2017, against a pre-tax profit of RM1.66 million a year earlier.
Revenue fell to RM76.84 million from RM103.34 million previously.
In a filing with Bursa Malaysia on Tuesday, the oil and gas company attributed the weaker performance to lower revenue generated by its installation and construction services segment, which fell 44.32% year-on-year to RM45.78 million.
"This was mainly due to the completion of the transportation and installation (T&I) works which were brought forward from the previous year.
"No new work orders were received for the T&I services during the current quarter," it said.
Moving forward, Barakah Offshore said the group would remain resilient and continue to implement various cost-cutting measures to improve operational efficiency.
"We will also continue to explore various opportunities to expand our revenue base," it added. - Bernama
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