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Hunting Q3 results hurt by pandemic-led decline in energy demand
StockMarketWire.com
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Energy services group Hunting routed improved quarterly performance in the US, though said its third quarter results were hurt by low levels of activity caused by the impact of COVID-19 on global energy demand.
In the year to date, earnings before interest, taxes, depreciated and amortization, or EBITDA, had been about $28m, with Q3 2020 EBITDA showing a 'broadly break-even result,' the company said.
Hunting Titan's trading results had improved during Q3 2020, with revenue increasing sequentially throughout the quarter and the segment reporting a positive EBITDA in September,' the company said.
But the company's EMEA segment reported a continuing decline in activity within the North Sea, leading to widening losses in the period.
In Asia Pacific, the segment had reported 'increasing profits throughout the period as sales into the Middle East and the eastern hemisphere supported business volumes,' it added.
'Client activity should improve during 2021, but a sustained recovery in the market will be a function of the decline in COVID 19 driving positive global economic activity. The effects of the pandemic continue to depress demand and weigh heavily on oil price sentiment,' Hunting said.
At 9:34am: (LON:HTG) Hunting PLC share price was -1.3p at 139.7p
Story provided by StockMarketWire.com
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