KUALA LUMPUR (Aug 30): Alam Maritim Resources Bhd posted a net loss of RM9.47 million for the second quarter ended June 30, 2018, compared with a net profit of RM2.38 million a year earlier, dragged by lower revenue and higher losses of jointly-controlled entities.

The group recorded losses per share of one sen in the period — its fourth consecutive loss-making quarter — from 0.3 sen earned per share in last year's second quarter.

Revenue slumped 65.06% to RM18.9 million from RM54.09 million in the previous year, Alam Maritim said in its filing with Bursa Malaysia.

For the first half ended June 30, 2018, Alam Maritim's net loss more than doubled to RM20.84 million from RM9.51 million a year ago.

At pre-tax level, its offshore support vessel (OSV) operations saw losses near triple in the period, while its subsea and offshore installation construction (OIC) operations returned to the black, thanks to lower cost incurred in the segment.

On the flipside, revenue contribution from its subsea/OIC segment dipped 75% on-year to offset higher revenue from its OSV segment, resulting in half-year revenue falling 54.72% to RM40.33 million from RM74.3 million last year.

On prospects, Alam Maritim said: "The business outlook for Alam Maritim group is influenced by the level of capital expenditure spending by the oil majors which is in line with the volume of exploration and production activities.

"Based on the recently issued Petronas Activity Outlook for 2018-2020, upstream Malaysia has a robust pipeline of potential projects focused on developing new growth areas (greenfield projects) and maximising ultimate recovery of existing fields (brownfield projects)," it said.

Shares of Alam Maritim closed unchanged at 12.5 sen, giving it a market capitalisation of RM120.18 million.