Technics Oil And Gas Reports Net Profit Of $21.4 Million For 9M15

Technics Oil and Gas reported a 9M15 net profit of $21.4 million, surging multi-folds from $1.1 million in the corresponding period last year.

Revenue increased 14.1 percent mainly due to the addition of the newly acquired subsidiaries, Rigging & Marine Services, Marinelift Testing & Supply and a newly incorporated subsidiary Technorr Marine.

Gross profit margin improved 7.5 percentage points as the acquired subsidiaries commands a higher gross profit margin.

The performance was further boosted by a $34.9 million increase in other gains arising from the sale of Vina and from the sale and leaseback of property at 72 Loyang Way.

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