KUALA LUMPUR (Aug 23): After nine consecutive quarters of losses, Scomi Energy Services Bhd returned to the black in the first quarter ended June 20, 2018 (1QFY19), with a net profit of RM508,000 on the back of a foreign exchange (forex) gain.

This compares with net loss of RM17.15 million in 1QFY18 when the group reported a forex loss.

"Excluding the impact of the forex, the loss for the current quarter was lower by RM5 million as compared to 1QFY18 arising from lower operating expenses," said Scomi Energy in a filing to Bursa Malaysia today.

Earnings per share stood at 0.02 sen against a loss per share of 0.73 sen in 1QFY18.

Quarterly revenue was, however, down 25.88% at RM124.89 million against RM168.49 million previously.

Scomi Energy also reported other income of RM12.54 million, compared with other expenses of RM5.22 million in 1QFY18.

Moving forward, the group said the outlook for its drilling service division was positive as oil prices have moved up and this is expected to translate to higher activity.

Winning some new bids would provide the impetus to grow in this segment, it added.

For its marine services business, Scomi Energy said activity in the coal market is quite robust and expects the trend to improve during the rest of the year.

It added that offshore vessels are still largely idle due to the depressed offshore market.

Scomi Energy's share price fell half a sen or 7.14% to close at 6.5 sen for a market capitalisation of RM152.21 million. Year to date, the stock has fallen by 45.83% from 12 sen.