T7 Global posts profit in first quarter

PETALING JAYA: T7 Global Bhd, formerly known as Tanjung Offshore Bhd, achieved a net profit of RM258,000 in the first quarter ended March 31, 2017 compared with a net loss of RM4.69 million a year ago.
In a filing with Bursa Malaysia yesterday, the group reported a 149.24% jump in revenue, lower operating expenses and higher share of profit from joint ventures.
Operating expenses for the quarter were lower at RM2.63 million compared with RM5.48 million a year ago while share of profit from joint ventures was higher at RM138,000 compared with RM71,000 a year ago.
Revenue for the quarter more than doubled to RM29.88 million from RM11.99 million a year ago mainly due to contributions from the Origins and CWR contract secured from Petronas, which boosted its products and services division revenue to RM22.03 million from RM7.94 million a year ago.
Revenue for the engineered packages division, comprising mainly gas generation packages and offshore equipment packages, also registered higher revenue of RM7.86 million compared with RM4.05 million a year ago, due to contributions from various contracts.
“This quarter, apart from maintaining our profitable turnaround, we are proud that the group is one step closer in venturing into the aerospace industries. We believe that our strong collaborations set a firm footing into the industry and in working towards the global standards of aerospace requirements. As a whole, we are confident that T7 Global is well geared for market liberalisation and will emerge stronger,” group CEO Rahmandin@Rahmanudin Md Shamsudin said in a statement yesterday.
Rahmandin said that the repositioning and restructuring plans for the group remains progressive, as demonstrated from its positive results and moving forward, it will focus on its cost reduction programme, enhance its core business and venture into new revenue streams.