Scomi posts higher Q1 pre-tax profit

Scomi Group Bhd posted an unaudited pre-tax profit of RM23 million for the first quarter ended March 31, 2012, up 70
per cent, over the RM13.5 million reported in the same quarter last year.

Revenue rose to RM365.2 million, during the quarter under review, from RM306.6 million registered, previously.

In
a statement to Bursa Malaysia, Scomi said its oilfield services
division recorded a higher revenue of RM292.1 million on the back of
improved performance from its operations in the United Kingdom, Nigeria
and Malaysia.

Going forward, Scomi said the group had set its
course for sustainable and profitable growth and was in a better
position today to capitalise on growth opportunities in the oil and gas
and, transportation sectors.

The group will continue to
maintain relentless focus on execution, cost management and building
organisational capabilities for competitive support. -- Bernama

i see this stock in long run is at its lowest, maybe most 26 sen

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this counter problematic?