Gulf Marine Services PLC - United Arab Emirates-based support vessels provider - Posts pretax loss of USD5.8 million, narrowed significantly from USD15.8 million. This was despite revenue falling 9.5% to USD49.8 million from USD55.0 million. The revenue reduction was attributed to lower day rates for all vessel classes but this was mitigated by a fall in administrative expenses to USD4.9 million from USD8.6 million driven by a cost reduction programme.
Looking ahead, Chair Tim Summers said: "The current rate environment is challenging, but the business has been able to deliver profitable growth through delivering a step change reduction in the cost base. Consequently, we can reconfirm our forward 2020 earnings before interest, tax, depreciation, and amortization guidance of USD57 million to USD62 million and are now confident of delivering at the upper end of this range."
Cash held as at the end of June was USD6.6 million.
Current stock price: 11.00 pence
Year-to-date change: up 51%
By Ife Taiwo; ifetaiwo@alliancenews.com
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