The company posted a net loss of US$3.2 million for the three months to 30 November, plunging from last year's first quarter profit of US$147.2 million when the company benefited from a US$137.5 million bargain purchase gain from the combining of EOC and Emas Marine.

Revenue for the first quarter of the financial year was also down, year-on-year, with the company generating US$49.8