Integrated oil and gas services provider, Tanjung Offshore Berhad (TOB), suffered a net loss of RM55.395 million for the financial year ended Dec 31, 2011 (FY2011) compared with a net profit of RM6.813 million a year ago.Revenue for the year declined to RM459.045 million from RM541.807 million.
The losses are due to the cessation of group's subsidiary in the United Kingdom, Citech Energy Recovery Systems UK Ltd (Citech), which resulted in expenses amounting to and#163;6 million or about RM30 million, the company said in a statement today.
The losses were also due to impairment of receivables and high operating expenses at the engineering equipment division at Tanjung Offshore Services Sdn Bhd, Tanjung CSI Sdn Bhd and Tanjung PetroConsult Services Sdn Bhd, it added. -- Bernama
The losses are due to the cessation of group's subsidiary in the United Kingdom, Citech Energy Recovery Systems UK Ltd (Citech), which resulted in expenses amounting to and#163;6 million or about RM30 million, the company said in a statement today.
The losses were also due to impairment of receivables and high operating expenses at the engineering equipment division at Tanjung Offshore Services Sdn Bhd, Tanjung CSI Sdn Bhd and Tanjung PetroConsult Services Sdn Bhd, it added. -- Bernama
