KTL Global's net profit plunged 49% to $665,000 in Q2
Due to weak orders from offshore O&G customers.
Oil and gas solutions provider KTL Global reported that its net profit plunged 49% to $665,000 in Q2 on a year-on-year basis, while its gross profit margin slipped 8.2 percentage points.
The decline in gross profit margin is due to lower contribution from the rental of equipment to offshore O&G customers which commands a higher profit margin.