MTQ’s 2Q net loss surges to $4.3 mil

SINGAPORE (Oct 28): MTQ Corporation, the provider of oilfield engineering services, reported an eight-fold increase in net losses to $4.3 million for 2QFY17, compared with the net losses of $0.5 million in 2QFY16.

For the half year period, net losses doubled to $6.5 million as revenue fell 38% to $59.5 million.

In the quarter to Sept, revenue fell 46% to $24.8 million, as the group experienced lower activities levels in both the oilfield and subsea divisions, and deferred projects in the subsea division. On the other hand, business activity in Bahrain remained stable.

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