Icon Offshore's share price falls 28 per cent after FY23's net profit plunges 97pc

NST Fri, Mar 01, 2024 12:45pm - 1 month View Original

KUALA LUMPUR: Icon Offshore Bhd's share price fell almost 27 per cent after the company's full year net profit fell more than 97 per cent to RM4.86 million for the year ended Dec 31, 2023.

Short selling in the stock has been suspended until Monday.

The company's net profit for financial year 2023 (FY23) plunged 97.1 per cent year-on-year (YoY) to RM4.86 million from RM168.92 million in FY22 due to the loss of contribution from its drilling segment following its disposal November 2022.

Revenue for FY23 fell to RM199.79 million from RM283.48 million the year before.

For the fourth quarter ended Dec 31, 2023, (Q4 2023) the company slipped into the red with a net loss of RM1.54 million versus a net profit of RM150.99 million in Q4 2022.

Revenue for the period dropped 27.8 per cent YoY to RM42.17 million from RM58.42 million in Q4 2022.

At 12pm, the company's share price dropped 24.16 per cent or 18 sen to trade at 56.5 sen.

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