Baker Tech sinks to half-year loss on weak sales, forex loss

SINGAPORE (July 29): Baker Tech sunk to a half-year loss compared to a profit of $6.4 million a year ago, dragged down by poor sales and a foreign exchange loss.   

Half-year revenue for the oil and gas equipment manufacturer and services provider stood at $14.1 million in 1H16, down from $40.6 million in 1H15 amid continued challenging market conditions.

The lower revenue, coupled with foreign exchange loss of $2.7 million from weakening of the US dollar against the Singapore dollar, resulted in a net loss of $2.4 million for 1H16.

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