Annual Report 2016
Operating Review
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26
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OPERATING
REVIEW
D
ue to the extended oil price
downturn and the reduction
in Exploration & Production
spending during 2016, Baker Tech
recorded a lower revenue at $21.5
million and a net loss of $8.3 million
for FY2016. The net loss for the year
was attributed to the impairment of
goodwill in a subsidiary ($7.6million)
in view of the continued weakness in
the oil and gas industry.
2016
$’000
2015
$’000
%
Change
Revenue
21,520
54,064
-60%
Net (loss) / profit
(8,327)
9,164
NM
For FY2016, Middle East and China
were the twomost importantmarketsfor
theGroup’smarine offshore business,
althoughcontributionfromChinadropped
from50% inFY2015 to27% inFY2016.
BakerTechgained traction in itsMiddle
Eastmarket,contributing45%ofrevenue
in FY2016 as compared to 15% in the
previousyearaswellasseeinganincrease
in revenue from the region.
REVENUEBYGEOGRAPHICALAREAS
15%
50%
14%
21%
MiddleEast
AsiaPacific
(excludingChina&Singapore)
China
Singapore
Others
45%
27%
17%
10% 1%
FY
2016
FY
2015
