KUALA LUMPUR (Jan 12): TAS Offshore Bhd’s earnings continued to improve, with net profit of RM2.227 million in the second quarter ended Nov 30, 2011 compared with net loss of RM184,000 a year ago, boosted by sale of its tugboats under CONSTRUCTION [].
It said on Thursday its revenue was 27.7% higher at RM31.57 million compared with RM24.72 million a year ago. Its earnings per share were 1.26 sen compared with loss per share of 0.10 sen.
TAS’ second quarter net profit of RM2.227 million was higher by 75.3% compared with RM1.27 million in the first quarter while its revenue rose 79% or RM13.91 million from RM17.67 million.
It said the higher revenue in the second quarter when compared with the first quarter was due to contract revenue recognised on sale of nine units of tugboat under construction during the current quarter.
“Profit before tax increased by RM1.61 million, or 103% to RM3.175 million due to higher revenue being recognised and gain on foreign exchange due to strengthened US dollar,” it said.
For the first half, it posted net profit of RM3.50 million, up 287% from the RM905,000 in the previous corresponding period. It recorded revenue of RM49.25 million, up 3.9% from RM47.38 million a year ago.
It said on Thursday its revenue was 27.7% higher at RM31.57 million compared with RM24.72 million a year ago. Its earnings per share were 1.26 sen compared with loss per share of 0.10 sen.
TAS’ second quarter net profit of RM2.227 million was higher by 75.3% compared with RM1.27 million in the first quarter while its revenue rose 79% or RM13.91 million from RM17.67 million.
It said the higher revenue in the second quarter when compared with the first quarter was due to contract revenue recognised on sale of nine units of tugboat under construction during the current quarter.
“Profit before tax increased by RM1.61 million, or 103% to RM3.175 million due to higher revenue being recognised and gain on foreign exchange due to strengthened US dollar,” it said.
For the first half, it posted net profit of RM3.50 million, up 287% from the RM905,000 in the previous corresponding period. It recorded revenue of RM49.25 million, up 3.9% from RM47.38 million a year ago.
