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Scomi Marine records 60pc jump in Q3 profit
by hlk Fri 25 Nov 2011, 21:41
KUALA LUMPUR: Scomi Marine Bhd, an associate company of Scomi Group Bhd, involved in the energy logistics industry, has reported a 60 per cent increase in net profit for the third quarter ended September 30 2011.
In a statement yesterday, the company said it recorded a net profit of RM7.6 million in the third quarter from RM4.7 million in the previous quarter despite a slight drop of revenue by RM1.9 million to RM88 million.
"The higher net profit was achieved through further continuous operational efficiency initiatives implemented by the management that has increased vessel productivity and lower bunker consumption in the coal transportation business.
"The offshore fleet also performed better as utilisation rate improved largely as a result of an increase in exploration and production activity(E&P) mainly in the Malaysian and Indonesian markets," it said.
Despite the increasingly difficult economic environment, the financial outlook for the rest of the year remains positive with the expected increase in E&P activities in the Asian region. Bernama
In a statement yesterday, the company said it recorded a net profit of RM7.6 million in the third quarter from RM4.7 million in the previous quarter despite a slight drop of revenue by RM1.9 million to RM88 million.
"The higher net profit was achieved through further continuous operational efficiency initiatives implemented by the management that has increased vessel productivity and lower bunker consumption in the coal transportation business.
"The offshore fleet also performed better as utilisation rate improved largely as a result of an increase in exploration and production activity(E&P) mainly in the Malaysian and Indonesian markets," it said.
Despite the increasingly difficult economic environment, the financial outlook for the rest of the year remains positive with the expected increase in E&P activities in the Asian region. Bernama
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