Baker Tech back in the black in Q3 following acquisition

MANUFACTURER and provider of specialised equipment and services for the oil and gas industry Baker Technology swung into the black with a net profit of S$25.8 million in the third quarter ended Sept 30, reversing from a loss of S$3.5 million a year ago.

This came on the back of the acquisition of CH Offshore (CHO), in which the group recorded a provisional negative goodwill of S$24.8 million.

Revenue also jumped to S$11 million in Q3 from S$826,000 previously, due mainly to charter income.