EMAS Offshore Limited announced unaudited consolidated earnings results for the first quarter ended 30 November 2016. For the quarter, the company reported net loss of $2.2 million. The group recorded revenue of $42.5 million, as compared to $49.8 million in corresponding period last year. This decline in revenue was the result of continual weakness in the offshore oil and gas industry leading to lower demand for offshore support vessels. Gross loss was $214,000 against $1,061,000 for the same period prior year. Profit from operations was $349,000 against loss from operations of $3,902,000 for the same period prior year. Loss before tax was $1,650,000 against loss of $2,679,000 for the same period prior year. Loss after tax was $2,214,000 against loss of $3,228,000 for the same period prior year. Loss per share was 0.01 cents against loss of 0.01 cents for the same period prior year. Net cash flow generated from operating activities was $3,006,000 against $9,553,000 for the same period prior year. Purchase of property, plant and equipment was $2,765,000 against $13,000 for the same period prior year.

For the quarter, the company reported impairment loss on property, plant and equipment was $21,857,000.