Dolphin Offshore announced its fourth quarter results on Friday. The company that provides underwater services to the Indian oil and gas industry, and supplies marine services saw Q4 revenues down at Rs 93 crore versus Rs 114 crore. The company’s net profit was up at Rs 11.7 crore versus Rs 2 crore.
Dolphin Offshore announced its fourth quarter results on Friday. The company that provides underwater services to the Indian oil and gas industry, and supplies marine services saw Q4 revenues down at Rs 93 crore versus Rs 114 crore. The company's net profit was up at Rs 11.7 crore versus Rs 2 crore.
It has seen a sharp decline in the revenues for the entire year at Rs 290 crore versus Rs 528 crore. Speaking exclusively with CNBC-TV18, Navpreet Singh, the CFO of the company said that the decline is due to the "lack of EPC contracts coming in during the year." Also, he points out that the "owing to the oil prices the worldwide activities have been quite low, hence, we have seen a lot of attention being focused on the Indian market by some of the foreign contractors." He observes that foreign contractors "have picked up contracts at unrealistic rates," which brought in the decline.
In the exclusive interview, Singh also said that "a lot of contracts under such situations resulted in losses." He said, "We have had a major decline in the procurement and fabrication work that we have down during the year." However, he said on an optimistic note that the company is happy to have maintained profit margins despite the reduction in the level of turnover.
