Technics Oil & Gas disappoints with S$8.6m loss in 4Q 2013
Resulting in record S$9.9m loss for FY2013.
Technics Oil & Gas posted a S$8.6m loss in 4Q and a record S$9.9m loss for FY13, which OSK-DMG came in below than its already lowered estimates.
The research firm cautioned that the negative FY13 EBITDA may hamper its ability to borrow or issue notes, which is crucial building its new capital-intensive asset-leasing business.
The loss also resulted from a still-weak core fabrication business amid a glut in global yard space and dearth of new orders, added OSK-DMG.