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KUALA LUMPUR, March 31 -- Alam Maritim Resources Bhd's net loss widened to RM115.25 million in the financial year ended Dec 31, 2020, from a net loss of RM79.48 million the year before.
The company, which provides offshore services to the oil and gas industry, said its revenue also declined by 19 per cent to RM248.42 million.
In a filing with Bursa Malaysia today, it attributed the weaker results to fewer charter contracts for offshore support vessels as well as less contribution from the subsea services/ offshore installation and construction segment.
On its prospects, Alam Maritim said its outlook hinged on the level of capital expenditure by oil majors which was in line with the volume of exploration and production activities.
“Based on the recently issued Petronas Activity Outlook for 2021-2023, Petronas maintained its prudent view on the industry outlook and will respond with cautious optimism particularly on new capital projects.
“Notwithstanding the above, the (Alam Maritim) directors will continue to exercise due care in managing and implementing strategies for the group's business and will ensure that shareholders’ values are strategically enhanced from time to time,” it added.