Baker Technology, the Mainboard-listed manufacturer and provider of specialised marine offshore equipment and services for the oil and gas industry, has reported a 76% rise in net profit of $20.3 million for the six months ended 30 June 2010 (1H 2010), buoyed by a strong second quarter performance.

For the three months ended 30 June 2010 (2Q 2010), revenue fell 59% to $6.8 million compared to a year ago due to the slow new order intake last year, a result of the global credit crunch which delayed many oil and gas projects. Gross profit was down 61% to S$4.5 million.

However, group pre-tax profit increased from $6.7 million to $18.4 million, or up 174% from a year ago. This was mainly due to the receipt of a $15.8 million tax-exempt dividend from PPL Shipyard. Baker Tech‟s wholly-owned subsidiary PPL Holdings owns a direct and indirect stake of 15% in PPL Shipyard, a rig builder.

Consequently, net profit for 2Q 2010 surged 230% to $17.8 million.