SapuraKencana Books Higher Profit

SapuraKencana Petroleum has seen its profits increase some 22 percent in the third quarter ended October 31, 2016, on new contract wins, lower tax, and no impairment charges when compared with the corresponding period in 2015.

Despite about 24 percent drop in revenue, the company recorded profit of 158 million Malaysian ringgits ($35.6 million) or RM 2.66 per share, versus 130 million Malaysian ringgits ($29.3 million) or RM 2.17 same time last year.

The company generated revenues of approximately $496 million, or 2.2 billion ringgit, down from $652 million, or 2.9 billion ringgit from the year-ago quarter.

For the nine months of 2016, revenues decreased close to 27 percent at 5.84 billion ringgit, against 7.95 billion ringgit for the nine months of 2015.

Net profit for the nine months of 2016 was at 380 million ringgit ($85.7 million), a drop from 495 million ringgit ($111.7 million) for the nine months of 2015.

Shahril Shamsuddin, the company’s president and CEO, said: “While the industry outlook remains uncertain in the short term, there are now early indications that oil price is heading towards a path of relative stability in the medium term. In the short term, competition for work will remain intense and margin pressures will likely to continue through into the next year.”

Subsea World News Staff

Share this article

Follow Subsea World News

Events>

<< Apr 2017 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

3rd Deepwater East & Southern Africa Congress 2017

The past successful two series has gathered around 600 industrial professionals, while most of which thought this event informative and useful…

read more >

Offshore Technology Conference (OTC) 2017

The Offshore Technology Conference (OTC) is where energy professionals meet to exchange ideas and opinions to advance scientific…

read more >

OFFSHORE WIND CONNECTIONS 2017

The focus of OWC2017 is on the Yorkshire and the Humber region, which is at the epicentre of the offshore wind industry, and where billions…

read more >

19th Asia Oil and Gas Conference (AOGC 2017)

A high level congregation that needs no introduction, the Event brings forth strategic discourses from global industry captains…

read more >