The Group reported a pre-tax loss of RM1.45 million for the quarter under review as compared to the pre-tax profit of RM1.93 million for the corresponding quarter in the preceding year. The higher pre-tax profit in the corresponding year resulted from foreign currency gain.
The Group posted a pre-tax loss of RM5.86 million for the period under review against the pre-tax loss of RM2.02 million for the corresponding period. The higher pre-tax loss in the current period was mainly due to higher professional fees and other
corporate expenses incurred during the period
The Group’s pre-tax loss for the current quarter amounting to RM1.45 million is lower than the RM2.50 million pre-tax profit reported in the immediate preceding quarter primarily due to higher professional fees and other corporate expenses incurred in the preceding quarter
For the quarter under review, the RM1.57 million profit after tax posted by Drilling Fluids segment has, to a certain extent, set off the corporate expenses as well as the provision for impairment in recoverable Value Added Tax reported in the immediate preceding quarter. Despite the steady increase in global rig count and the sharp rise in average Brent spot price, the Group remains focused on its restructuring plan.
The ongoing proposed disposal of Drilling Fluids segment is aimed to resolve the Group’s debt obligations. With the proposed disposal and subsequent settlement with the creditors, the Group is currently evaluating several options for any new and viable businesses to be injected into the Company which in turn will improve shareholders’ value and the opportunity to enjoy the potential upside of the new business.
