Update SapuraKencana 2Q profit jumps 132.5% yoy to RM410m on seadrill inclusion

by **Cals** Tue 01 Oct 2013, 00:52

Update SapuraKencana 2Q profit jumps 132.5% yoy to RM410m on seadrill inclusion

Business & Markets 2013

Written by Ho Wah Foon of theedgemalaysia.com

Monday, 30 September 2013 19:46

KUALA LUMPUR (Sept 30): SapuraKENCANA PETROLEUM BHD [] said its net profit for the second quarter ended July 31 soared 132.5% year-on-year to RM410.5 million.

Revenue also jumped to RM2.45 billion from RM2.06 billion.

The company said the rise in revenue and profit was mainly due to larger contribution from its drilling & energy services.

“The segment revenue and profit before taxation for current financial period has increased by RM704.9 million or 144.5% and RM199.1 million or 157.6% respectively as compared to corresponding quarter of the preceding year, mainly due to the inclusion of Seadrill’s businesses results subsequent to completion of tender rigs business combination.”

For the half year to July 31, 2013, the group achieved a net profit of RM504.13 million, up from RM218.18 million a year ago, while its revenue jumped to RM4.11 billion from RM2.74 billion.

On prospects, SapuraKencana said upstream capital spending in the oil and gas sector is expected to remain bullish at regional and global levels.

“As a geographically diversified group, SapuraKencana remains well placed to benefit from the expected outlay and will continue to strategically grow its businesses… The group remains confident that it will continue to deliver healthy financial performance for the remaining half of the current financial year.”