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Scomi Group posts net loss of RM4.0m for 4QFY14

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Scomi Group posts net loss of RM4.0m for 4QFY14 Empty Scomi Group posts net loss of RM4.0m for 4QFY14

Post by Cals Fri 30 May 2014, 20:02

Scomi Group posts net loss of RM4.0m for 4QFY14
Business & Markets 2014
Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com   
Friday, 30 May 2014 18:42

KUALA LUMPUR (May 30): Scomi Group Bhd posted a net loss of RM4.0 million and revenue of RM421.3 million for its fourth quarter ended March 31, 2014.

For the full year, net profit stood at RM5.1 million, while cumulative revenue was RM1.65 billion.

The group said there was no comparable period for its performance, as the group changed its annual reporting date to March 31, 2013, from December 31, 2013 in the previous financial period.

Quarter-on-quarter, profit before tax rose to RM23.0 million in 4QFY14 from RM19.4 million in 3QFY14, while revenue was lower at RM421.3 million from RM469.6 million.

Going forward, the group expects increasing activity for its oilfield services division and marine services division, driven by higher level of activity in the oil and gas (O&G) industry in South East Asia.

For its transport solutions division, the group will continue to focus on delivering its KL and Mumbai monorail projects, amid fluctuating exchange rates and difficult operating environment in certain countries.

“The group remains optimistic of benefiting from the growth in O&G exploration & production activities, specifically in the Southeast Asia region, and the anticipated increase in transportation infrastructure projects in Malaysia, Brazil and India,” said Scomi.
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