Technics Oil & Gas

Technics Oil & Gas: Flagged out by the group's profit warning for 4QFY13, Technics Oil & Gas recorded a net loss of $8.6m from earnings of $2.4m in 4QFY12, on the back of a revenue slump of 69% to $7.7m, due to the spin-off of Norr Offshore Group (NOG), resulting in a significant drop in contributions from subsidiaries. This brought FY13 net loss to $9.9m from a profit of $20.2m in FY12 and revenue to $41.0m (-73%). Going forward, the group remains on track with projects in its pipelines within the regional market, and do not expect any adverse changes from clients' agreed contract deliveries. On its new building block at the existing property at 72 Loyang Way, the group intends to sublet some of the premises in the new building to marine-related and offshore oil & gas industry players for supplemental income, as well as to forge closer ties with industry operators.