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Thalassa sees FY pretax profit of $1m

By BFN News | 07:55 AM | Wednesday 18 March, 2015

Thalassa anticipates that, based on its current book of contracted business, it will break even in the FY and that, following conversion of some opportunities into contracted orders, will meet market expectations of pretax profit of $1m on revenue of $18m. "Whilst the overall trading environment remains extremely challenging, the Board is confident that the Company is well positioned to benefit from a recovery in industry activity," it said in a statement. In light of the continuing pressure on oil prices globally, the Company, in common with the industry and in accordance with prudent accounting principles, is conducting a comprehensive and cautious review of the carrying value of its assets. It has also implemented a cost savings programme within its core business to reflect the current conditions in the industry. Notwithstanding this review, the Company continues to benefit from a strong cash position, US$16.4 million (including US$2.2 million which is restricted) as at 16 March 2015, and a good level of continuing order enquiries. The Board is pleased to report that the Company has made its first two data sales in 2015 generating US$1.6 million gross or US$1.4 million net of agent commission relating to the 23rd Norwegian licence round first announced on 5 March 2014. Story provided by

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