KUALA LUMPUR (Nov 30): Alam Maritim Resources Bhd continues to bleed. Its net loss almost doubled at RM21.38 from RM10.76 million a year ago, mainly due to lower contribution from Offshore Support Vessels (OSV).

Revenue for the quarter almost halved to RM21.41 million from RM42.4 million previously due to contribution from the OSV segment decreasing by 28.5% as a result of lower average utilisation rate of chartered vessels.

Its cumulative nine-month period ended Sept 30 (9MFY18) net loss also widened substantially to RM42.23 million from RM20.27 million due to the poor performance of the OSV segment, whose contribution shrank 30.2%.

The Subsea Services/Offshore Installation & Construction segment registered loss before taxation of RM175,000 compared to profit before taxation of RM1.4 million recorded in the same period last year.

While accumulative revenue for 9MFY18 declined by 47% to RM61.75 million from RM116.70 million last year due to lower average utilisation rate of chartered vessels.

On its prospects, 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 Bhd Activity Outlook for 2018 to 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).

No dividend was declared for the quarter.

At market close, Alam Maritim’s share price was down 0.5 sen at nine sen with a market capitalisation of RM83.2 million.