Baker Tech: 3Q profit plunges to $82k, -99% yoy, due to slowdown in the global oil and gas industry that started in Q3 last year, FX losses of $2.4m as the USD weakened 6% against SGD yoy. Revenue halved to $13.8m. Similar to 2Q, fall frm prev yr due to completion of backlogged order books and lack of new projects. Still, mgt says outlook starting to look rosier with pick up in orders…
Order book reached $20m at end-Sep, vs just $7m last Dec. upbeat about future earnings and expects FY2010 to be a profitable year (likely bcs of sale of PPL stake)…
Says disposal of PPL stake to QD Asia Pacific, a Qatari investment company, was completed at US$116m, but the finality of PPLH's sale is, however, subject to the outcome of a lawsuit brought against Baker Tech by Sembcorp Marine, which owns 85 per cent of PPL shipyard. Baker Tech said yesterday it will maintain sole conduct and management of the ongoing legal suit. Increase in the order book and timely completion of projects should be the focus in the future.
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