KUALA LUMPUR (Oct 23): TAS Offshore Bhd returned to the black in the first financial quarter ended Aug 31, 2017 (1QFY18), posting a net profit of RM2.23 million.

The offshore support vessel provider posted a net loss of RM1.13 million in 1QFY17, while quarterly revenue jumped fivefold to RM10.43 million from RM2.25 million. Earnings per share stood at 1.27 sen in 1QFY18 compared with a loss per share of 0.64 sen a year ago.

In a filing with Bursa Malaysia today, TAS Offshore attributed the improved quarterly results to the sale of two units of tugboats.

"The loss for the preceding quarter was due to write-down in inventories value and provision for foreseeable loss as the outcome of one shipbuilding contract cannot be reliably ascertained," it added.

On prospects, TAS Offshore said it remains cautious in its operations since the market is still uncertain due to the US shale industry.

"However, in the long term, we envisage the oil price outlook to be positive due to the increase in demand for energy when industrial and development activities increase in tandem with population growth and demand for offshore support vessels will return," it added.

TAS Offshore shares closed unchanged at 28 sen with 502,600 shares traded today, for a market capitalisation of RM49.17 million.