Polarcus has recorded a net loss of $13 million on revenues of $25 million compared to a net loss of $18 million on revenues of $23 in Q2 and a net profit of $14 million on revenues of $103 million in Q3 2019.
Polarcus has recorded a net loss of $13 million on revenues of $25 million compared to a net loss of $18 million on revenues of $23 in Q2 and a net profit of $14 million on revenues of $103 million in Q3 2019.
The company’s operating loss was $4 million compared with an operating loss of $10 million in Q2 and an operating profit of $22 million in Q3 2019.
Total cash at quarter-end was $32.4 million compared to $44.8 million at the end of the previous quarter.
Polarcus CEO, Duncan Eley, said: ‘Polarcus continues to secure new projects despite the challenging market conditions, with four new awards announced since the end of Q2 2020.’
Backlog at 30 September 2020 is estimated at $139 million compared to $141 million at the end of Q2 2020.
