Ocean Vantage Holdings Bhd (OVH) reported a net loss of RM6.79 million for the third quarter (Q3) ended Sept 30, 2024, compared to a net profit of RM5.49 million in Q3 FY23, primarily due to cost escalations and challenges associated with the Bintulu Additional Gas Sales Facility 2 (BAGSF 2) project.
KUALA LUMPUR: Ocean Vantage Holdings Bhd posted a net loss of RM6.79 million for the third quarter ended Sept 30, 2024 from a net profit of RM5.49 million in Q3 FY23.
The group’s revenue for Q3 FY24 also fell 50.06% to RM19.66 million, down from RM39.38 million in Q3 FY23.These factors impacted the group’s ability to maintain profitability and manage cost overruns effectively. Meanwhile, revenue for 9M FY24 decreased 35.80% year-on-year to RM87.05 million compared to RM135.60 million previously.
Total liabilities remained high at RM48.33 million, further straining the group’s financial position.
NET LOSS OCEAN VANTAGE HOLDINGS BHD RM6.79 MILLION Q3 FY24 COST ESCALATIONS BAGSF 2 PROJECT
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