Dayang Enterprise Holdings has dove into the red with a reported net loss of RM26.4 million for 1Q16, from a net benefit of RM34.4 million in the earlier year.
The gathering ascribed the frail execution to lower vessel usage and lower estimation of work requests amid the period, driving income down 41 percent to RM111.8 million, when contrasted with RM190.1 million for 1Q15.
The lower estimation of work requests had compacted edges for the quarter, affecting its primary concern which was additionally influenced by higher interest brought about because of higher borrowings.
Essentialness: Moving forward, the gathering expects a testing domain ahead, notwithstanding the late bounce back in raw petroleum costs. The worldwide financial vulnerabilities, combined with the variance in worldwide raw petroleum cost, have affected the gathering’s essential customer, Petronas, to lessen their action, affecting the gathering simultaneously. Taking after the declaration, Hong Leong IB Research had downsized the gathering to an “Offer” rating with a lower target cost of RM0.84, cutting their income figure for FY16 and FY17.
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