Baker Technology, the manufacturer and provider of specialised marine offshore equipment and services for the oil and gas industry , has reported record quarterly earnings of $61.3 million for the three months ended 30 June 2012 (2Q 2012) due to the recognition of the $58.2 million deferred gain on disposal of PPLH in the current quarter.
A year ago in 2Q 2011, Baker Tech suffered a net loss of $0.9 million.
Group revenue rose 30% to $25 million on the back of progressive recognition of orders, especially of those secured last year. As a result, gross profit increased by 55% to $7.1 million. Administrative expenses decreased 18% to $2.6 million due mainly to lower professional and legal fees. Foreign exchange loss was $0.4 million, down from $2.2 million previously.
No comments:
Post a Comment