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NewsDaya Materials 3Q profit rises 14% to RM7m
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Daya Materials 3Q profit rises 14% to RM7m
by Cals Tue 19 Nov 2013, 21:33
| Daya Materials 3Q profit rises 14% to RM7m |
| Business & Markets 2013 |
| Written by Jeffrey Tan of theedgemalaysia.com |
| Tuesday, 19 November 2013 18:21 |
Revenue increased 95% to RM142 million from RM73 million.
In a filing to the stock exchange, Daya Materials attributed the improvement in profit to higher sales from the subsea offshore business under the group's oil and gas (O&G) segment.
The O&G suppprt-services firm said the segment posted a significant 515% increase in revenue. This is due to sales recognition from the offshore cable-laying project.
Cumulatively, Daya Materials recorded net profit of RM19 million in the nine months from RM15 million a year earlier. Revenue was higher at RM374 million versus RM179 million.
Daya Materials said the larger revenue was mainly attributed to higher income from the O&G, and technical services segments.
Going forward, the group expects its operating results to be satisfactory for the current financial year. This is barring any unforeseen circumstances.
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