Barakah narrows 2Q losses on higher progress billings

by TMR

Barakah Offshore Petroleum Bhd narrowed its net losses in the second quarter (2Q) ended June 30, 2018, to RM15.48 million from RM82.11 million net loss made for the same period a year ago.
In a filing with Bursa Malaysia yesterday, the engineering services company noted the higher income was attributed to increased progress billings issued for the underwater services, under its installation and construction services (ICS) division.
ICS recorded a 34% year-on-year (YoY) jump in revenue to RM28.14 million Overall turnover rose 12.4% YOY to RM59.2 million. Barakah said the short-term to medium-term outlook for the industry remain challenging.
Its orderbook is expected to improve as reflected in the recent contract wins for maintenance, construction and modification works which are expected to contribute positively to the group over the next five years.