Baker Tech posts 2Q earnings of $0.4 mil on one-off gain

SINGAPORE (July 29): Baker Technology’s earnings for the 2Q ended June surged nearly ninefold to $400,000 from $45,000 a year ago.   

In a Friday filing, the oil and gas equipment manufacturer and services provider says the stronger bottomline was mainly due to lower foreign exchange losses and the recognition of a one-off compensation income from a supplier for defective material in the current quarter.

Revenue for the quarter was lower at $8.1 million compared to $12.7 million a year ago due to general slowdown of the oil and gas industry.

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