Ramunia suffers RM71.3m net loss in Q4

RAMUNIA Holdings Bhd (7206), which fabricates parts and structures for the oil and gas industry, has reported a fourth quarter net loss as revenue was halved while costs rose.
The group also lost money in the third quarter and it has pushed Ramunia into a full-year loss for the financial year ended October 31 2008.
However, the company said it was confident of business as it sought to improve internal processes and cut costs.
"The board of directors is optimistic of the future business direction of the group arising from the steady investments by oil majors in new oil fields, both locally and overseas," it said in a statement to Bursa Malaysia on Wednesday.
Ramunia made a net loss of RM71.3 million in the fourth quarter compared to a net profit of RM1.9 million in the same period a year ago.