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SINGAPORE: Energy services provider, KS Energy has reported a net profit of S$12.8 million for the second quarter, a decline of 37 per cent from the same period a year ago.
This was due to slower demand in the oil and gas industry.
Revenue for the three months to June fell 36 per cent to S$128 million.
Still, KS Energy said the figures are better than in the first quarter as two of its land rigs started drilling operations in Tunisia and another vessel in the North Seas turned in its first revenue stream this quarter.
In view of the prevailing global economic crisis, the firm expects that demand in the oil and gas industry to remain volatile.
It said it will be using this time to improve operational capabilities and expand its geographical reach which will prepare its resources to meet new demands in the oil and gas industry when the global economy recovers. - 938LIVE/vm
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