SINGAPORE (July 23): Engineering, maintenance and subsea services group MTQ Corporation has reported earnings of $0.8 million for the 1Q20 ended June, reversing out of a loss of $3.5 million in the corresponding quarter last year.

Earnings per share (EPS) rose to 0.35 cents for 1Q20, compared to loss per share of 1.71 cents in 1Q19.

1Q20 revenue jumped 59% to $38.5 million, from $24.3 million a year ago.

This was due to higher activities across all segments within the group, as Mainboard-listed MTQ continues its recovery and saw its second consecutive profitable quarter.

Gross profit nearly doubled to $8.8 million in 1Q20, as gross profit margin climbed 4.2 percentage points to 23.0%.

As at end June, cash and cash equivalents stood at $15.1 million.

“The Oilfield Engineering segment continued to make steady progress towards improving profitability. The orders we have on hand and general level of enquiries are encouraging for the rest of the year even as the overall macro economy weakens,” says Group CEO Kuah Boon Wee.

Kuah adds that the group has decided to unlock the value of the Neptune segment by partnering with an established subsea vessel operator.

“The Neptune segment recorded positive EBITDA for the quarter with a small overall loss. The outlook for the segment is strengthening but overall profitability requires better margins and higher activity levels,” he says.

Shares in MTQ closed half a cent lower at 21 cents on Tuesday, hovering near its 52-week high of 21.5 cents.

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