AusGroup swings back into profitability with 2Q earnings of $1.2 million

SINGAPORE (Feb 14): AusGroup, the Australian oilfield services provider, swung back into the black this quarter with earnings of A$1.1 million ($1.2 million), a reversal from the A$69.8 million loss it reported in the same quarter a year ago.

Revenue for the quarter fell 13.5% to A$106.3 million, mainly due to the completion of a key contract in the group’s maintenance business during 3Q16.

The main revenue contribution was from work undertaken in the group’s core projects in the Northern Territory (NT), which AusGroup says augurs well for future reporting periods.

---

Related Stories

• Court orders AusGroup to wind up; company to be discharged from judicial management
• AusGroup, unable to service debt, files to wind up
• Balance high-risk opportunistic buys with low-risk assets in your portfolio

---