PETALING JAYA: SapuraCrest Petroleum Bhd’s net profit rose 51.6% for 3QFY12 ended Oct 31, 2011 to RM83.14 million or 6.51 sen a share. Profit before tax increased by 36.3% to RM136.4 million from RM100.1 million previously due to higher contribution from the marine services division, it said. Group revenue, however, was lower at RM745.8 million compared with RM1.02 billion recorded in the previous corresponding quarter.
For the nine months ended Oct 31, net profit was 47.2% higher at RM233.7 million despite the 26.5% decrease in group revenue to RM2 billion.
The group did not elaborate much on the reason why it posted lower revenue but higher profitability, merely stating that the lower revenue was consistent with its clients’ planned activities during the quarter, while the higher profit was due to higher contribution from its marine services and installation of pipelines and facilities division.
On a quarter-on-quarter (q-o-q) basis, SapCrest’s net profit increased by 6.3% from RM78.23 million in 2QFY12 ended July 31, while its revenue increased in tandem, being 6.6% higher from RM699.4 million in 2Q.
Profit before tax increased marginally from RM135.4 million in the preceding quarter to RM136.4 million in 3Q due to expenses incurred in relation to the acquisition of Clough marine business, the group said.
SapCrest is being merged with Kencana Petroleum Bhd to become one of the largest integrated oil and gas service providers in the world.
Its stock is currently trading at RM4.22, up by 34.82% from RM3.13 on Jan 3. It touched its 52-week high on July 12 at RM4.57.
This article appeared in The Edge Financial Daily, December 6, 2011.
For the nine months ended Oct 31, net profit was 47.2% higher at RM233.7 million despite the 26.5% decrease in group revenue to RM2 billion.
The group did not elaborate much on the reason why it posted lower revenue but higher profitability, merely stating that the lower revenue was consistent with its clients’ planned activities during the quarter, while the higher profit was due to higher contribution from its marine services and installation of pipelines and facilities division.
On a quarter-on-quarter (q-o-q) basis, SapCrest’s net profit increased by 6.3% from RM78.23 million in 2QFY12 ended July 31, while its revenue increased in tandem, being 6.6% higher from RM699.4 million in 2Q.
Profit before tax increased marginally from RM135.4 million in the preceding quarter to RM136.4 million in 3Q due to expenses incurred in relation to the acquisition of Clough marine business, the group said.
SapCrest is being merged with Kencana Petroleum Bhd to become one of the largest integrated oil and gas service providers in the world.
Its stock is currently trading at RM4.22, up by 34.82% from RM3.13 on Jan 3. It touched its 52-week high on July 12 at RM4.57.
This article appeared in The Edge Financial Daily, December 6, 2011.
