KUCHING: Miri-based Sealink International Bhd has significantly cut its group net loss to about RM1.1 million in Q22022 from RM7.5 million in Q22021 as revenue rose to RM16.1 million from RM9.99 million previously.
Losses per share were reduced to 0.21sen from 1.5sen.
Sealink attributed the 61 per cent increase in group turnover in the current quarter to higher utilisation of vessels. The vessel chartering division reported an increase in revenue by RM6 million.
The shipbuilding division revenue increased to RM50,000 from RM33,000 in Q22021 with increase in ship repair activities — mainly services the group’s own vessels.
The Q22022 performance was an improvement from Q12022 when Sealink incurred pre-tax loss of RM9.5 million (Q22022:-RM1.23 million) on revenue of RM7.48 million (RM16.1 million).
On prospects, Sealink said: “The group is optimistic about its prospects going forward as we expect to achieve good results on the back of rising demand for our vessels.
“Our quarter financial results demonstrate our ability to manage our business effectively despite the challenging environment. It is a positive quarter for the group. The group continued to see strong momentum and demand from customers as reflected in our results for the current quarter.”
Sealink said rising global oil prices amidst the shift of the COVID-19 pandemic to endemic phase and anticipated higher world growth rates in 2022 are brightening the outlook for Malaysia’s oil and gas sector.
“Analysts are encouraged by the country’s growth in second quarter of 2022, leading most to be optimistic on the next quarter’s growth prospects. The US Energy Information Administration’s (EIA) projected crude oil price to average US$104 per barrel in 2022.”
Sealink said the group will continue its emphasis on its core activities of ship building, ship charter and ship repair, and is looking at opportunities to diversify into sustainable investments.
