15 / 152
Group Quarterly Results
Q1
$’000
Q2
$’000
Q3
$’000
Q4
$’000
Full Year
$’000
Revenue
2018
683
3,516
9,973
18,530
32,702
2017
1,001
1,421
826
1,754
5,002
Net profit / (loss)
2018
(4,847)
(983)
25,677
(5,532)
14,315
2017
(1,938)
(2,060)
(3,530)
(3,162)
(10,690)
Net profit / (loss)*
2018
(4,123)
(2,779)
25,686
(4,789)
13,995
2017
(245)
(1,474)
(2,681)
(2,251)
(6,651)
* Excluding foreign exchange gain/losses
Revenue has increased quarter-
on-quarter through 2018, due
to the deployment of the Blue
Titanium from second quarter of
the year and the impact from the
consolidation of CHO from 27
August 2018.
However, weak demand
stemming from uncertainties
in the global oil and gas
industry, led to lower margins
for fabrication projects, higher
start-up costs for vessels and
the incurrence of operating
expenditure for certain vessels
that were off-hired during the
year. As a result, the Group
reported net losses for all
quarters in 2018, except for the
third quarter where it recorded a
one-off bargain purchase gain of
approximately $24.7 million from
the acquisition of CHO.
Given that the US dollar
depreciated against
the Singapore dollar by
approximately 7.9% for FY2017
and appreciated against
the Singapore dollar by
approximately 2.4% for FY2018,
the quarter-on-quarter foreign
exchange movements were
volatile. As a result, quarterly
foreign exchange gain/losses
fluctuated significantly.
13
A N N U A L R E P O R T
2 0 1 8