KUALA LUMPUR (Feb 22): PERISAI PETROLEUM TEKNOLOGI [] Bhd's net profits soared 106.8% to RM21.28 million for the financial year ended Dec 31, 2011 from RM10.25 million a year ago, boosted by profit contributed by the Intan Group, which it acquired in August last year.
It said on Wednesday that for the year ended Dec 31, 2011, its revenue was up 9.6% to RM82.41 million from RM75.21 million a year ago.
For the fourth quarter ended Dec 31, 2011, its earnings 62.3% to RM11.21 million from RM6.93 million. Its revenue rose 38.1% to RM27.91 million the quarter from RM20.21 million a year ago. Earnings per share were 1.49 sen compared to 1.05 sen last year.
Perisai Petroleum said its high profit was also attributed to lower vessel expenses, a recognition of gain as a result of the acquisition of the Intan Group and a reversal of provision for doubtful debts on the group's borrowings.
“The group is confident it will be able to record stronger results moving forward in light of positive prospects in the oil and gas industry as well as better contributions from its 51% acquisition of the Intan Group and its mobile offshore production unit, Garuda Energy,” it said.
It said on Wednesday that for the year ended Dec 31, 2011, its revenue was up 9.6% to RM82.41 million from RM75.21 million a year ago.
For the fourth quarter ended Dec 31, 2011, its earnings 62.3% to RM11.21 million from RM6.93 million. Its revenue rose 38.1% to RM27.91 million the quarter from RM20.21 million a year ago. Earnings per share were 1.49 sen compared to 1.05 sen last year.
Perisai Petroleum said its high profit was also attributed to lower vessel expenses, a recognition of gain as a result of the acquisition of the Intan Group and a reversal of provision for doubtful debts on the group's borrowings.
“The group is confident it will be able to record stronger results moving forward in light of positive prospects in the oil and gas industry as well as better contributions from its 51% acquisition of the Intan Group and its mobile offshore production unit, Garuda Energy,” it said.
