Thursday, 10 May 2012

Dialog 3Q net profit rises 7.96% to RM41.39m

KUALA LUMPUR (May 10): DIALOG GROUP BHD [] net profit for the third quarter ended March 31, 2012 rose 7.96% to RM41.39 million from RM38.34 million a year earlier, due mainly to higher revenue and increase in Malaysian operations arising from its provision of specialist products & services, engineering & CONSTRUCTION [] activities and fabrication works.

It said on Thursday that revenue for the quarter jumped 39.5% to RM420.04 million from RM301.16 million in 2011, due consolidation of the revenue of the newly acquired fabrication and multi-disciplined engineering company, Fitzroy Engineering Group Limited, based in New Zealand contributed to the increase in the Group’s revenue.

Earnings per share was 1.75 sen compared to 1.79 sen previously, while net assets per share was 52.66 sen.

For the nine months ended March 31, Dialog’s net profit rose 18.5% to RM127.39 million from RM107.43 million on the back of revenue RM1.13 billion.

Dialog declared an interim 1.1 sen single tier cash dividend per share to be paid on June 29.

Reviewing its performance, Dialog said contribution from Malaysia and Asia operation such as Brunei, Thailand, Middle East and China, also increased significantly mainly due to higher revenue of Specialist Products & Services recorded.

It said its Singapore operation however registered lower revenue mainly affected by lesser works undertaken for its engineering and construction and plant maintenance activities.

On its prospects, Dialog said the development under Economic Transformation Programme in both upstream and downstream sectors would generate tremendous opportunities for the local oil and gas players.

“In this connection, being an integrated specialist technical services provider to the oil, gas and petrochemical industry, the Group will benefit from such opportunities,” it said.

Dialog said the development of the Independent Deepwater Terminal in Pengerang will not only bring in short to medium term contribution from engineering and construction activities in Malaysia, but also long term recurring income when the tank facilities are operational.

“In addition, the Group is investing in the upstream oil and gas opportunities, including the development and production of petroleum under the Small Field Risk Service Contract.

“The Group continues to grow its technical services, such as, its specialist products & services, engineering, procurement, commissioning & construction and plant maintenance services,’ it said.

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