KUALA LUMPUR (Feb 24): Scomi Group Bhd registered its third consecutive quarter in the red with a net loss of RM6.17 million for the three months ended Dec 31, 2016 (3QFY17) as revenue tumbled, while its oilfield services segment registered a near 90% dive in profit.

In comparison, the group posted a net profit of RM5.7 million in the same quarter last year, its Bursa Malaysia filing today showed.

Quarterly revenue, was down 40% year-on-year at RM224.6 million versus RM374 million, as the oilfield services segment's revenue halved on lower drilling activities around Asia, the Middle-East and West Africa.

"Customers have been cautious in their drilling plans due to low oil prices, resulting in activities being deferred or delayed," it said. The segment's profit came in at RM3.1 million versus RM21.5 million previously.

Its cumulative nine months ended Dec 31, 2016 (9MFY17) registered a net loss of RM39.5 million, versus a net profit of RM20.5 million in last year’s corresponding period, as revenue shrank about 42% to RM638.2 million from RM1.09 billion.

“The last nine months' financial performance has been below expectations [for the oilfield services division]. However, the oil price has been trending higher in the last couple of months which should encourage our customers to invest in drilling,” the group said.

On prospects, the group said it remains cautious on its performance for FY17.

Scomi’s shares closed down half a sen or 2.78% lower to settle at 18 sen, with a market capitalisation of RM323.5 million.