KUALA LUMPUR: Uzma Bhd’s net profit surged to RM3.3 million for 3QFY11 ended Sept 30 from RM286,000 the previous corresponding quarter due to continuous cost saving strategies and higher sales.
The oil and gas service group’s revenue rose 87% to RM56.3 million compared with RM30.1 million a year earlier.
Basic earnings per share was 4.11 sen against 0.36 sen a year earlier.
Revenue and net profit for 3QFY11 rose 40.5% and 10.3% respectively from 2Q mainly due to increased sales from divisions within Uzma Engineering Sdn Bhd and other subsidiaries.
For 9MFY11 ended Sept 30, Uzma posted a net profit of RM8.2 million compared to a net loss of RM2.5 million a year earlier.
Revenue for the same period rose 64.3% to RM131.4 million from RM80 million a year earlier.
“Overall, all business divisions have registered higher revenue year-to-date ... The increase in revenue was mainly contributed by the manpower division which registered the highest revenue increase of RM15.1 million, project oilfield operation services’ revenue which increased by RM13.4 million and the geoscience and petroleum engineering services division’s revenue increase by RM9.8 million,”
it said.
It added that its wireline services division has begun contributing to the group’s revenue.
Compared with the previous quarter, Uzma’s revenue increased by RM16.2 million or 40.5% from RM40.1 million.
“The increase in revenue was mainly due to improved sales from most of divisions in Uzma Engineering Sdn Bhd and other subsidiary companies,” it said.
Uzma said its directors remain optimistic over the group’s prospects.
“Currently oil is trading around US$100 per barrel. We view the current oil price level as supportive of overall oil and gas exploration and production as invitations to bid for contracts from oil majors have increased in 2011,” it said.
Uzma rose 12 sen to close at RM1.78 yesterday.
This article appeared in The Edge Financial Daily, November 30, 2011.
The oil and gas service group’s revenue rose 87% to RM56.3 million compared with RM30.1 million a year earlier.
Basic earnings per share was 4.11 sen against 0.36 sen a year earlier.
Revenue and net profit for 3QFY11 rose 40.5% and 10.3% respectively from 2Q mainly due to increased sales from divisions within Uzma Engineering Sdn Bhd and other subsidiaries.
For 9MFY11 ended Sept 30, Uzma posted a net profit of RM8.2 million compared to a net loss of RM2.5 million a year earlier.
Revenue for the same period rose 64.3% to RM131.4 million from RM80 million a year earlier.
“Overall, all business divisions have registered higher revenue year-to-date ... The increase in revenue was mainly contributed by the manpower division which registered the highest revenue increase of RM15.1 million, project oilfield operation services’ revenue which increased by RM13.4 million and the geoscience and petroleum engineering services division’s revenue increase by RM9.8 million,”
it said.
It added that its wireline services division has begun contributing to the group’s revenue.
Compared with the previous quarter, Uzma’s revenue increased by RM16.2 million or 40.5% from RM40.1 million.
“The increase in revenue was mainly due to improved sales from most of divisions in Uzma Engineering Sdn Bhd and other subsidiary companies,” it said.
Uzma said its directors remain optimistic over the group’s prospects.
“Currently oil is trading around US$100 per barrel. We view the current oil price level as supportive of overall oil and gas exploration and production as invitations to bid for contracts from oil majors have increased in 2011,” it said.
Uzma rose 12 sen to close at RM1.78 yesterday.
This article appeared in The Edge Financial Daily, November 30, 2011.
