SINGAPORE (May 15): Viking Offshore & Marine posted earnings, or profit attributable to owners of the company of $71,000 in 1Q20 ended March, after posting a loss of $1.7 million in 1Q19.

Lower revenue from the company’s offshore and marine services, as well as systems engineering projects largely as a result of lower order book carried forward meant a 17% drop y-o-y to $4 million for 1Q20.

Gross profit margin grew 4.3% due to higher margins for the power winches segment.

Increase in other income and decrease in other operating expenses were largely due to foreign exchange gain of $1.5 million as a result of the translation differences on US dollar.

On the back of this, the group registered a net profit of approximately $93,000 for the same quarter.

In a statement on Friday, the company said the industry was showing signs of gradual recovery in 2019 with an increase in customer enquiries and tender invitations. This was disrupted by the global Covid-19 pandemic and oil price volatility triggered by the price-volume war between the major oil producing countries.

Viking Offshore & Marine shares closed flat at 0.4 cents on Friday prior to the announcement.