Perisai Q2 net profit plunges 96%

by **Cals** Thu 14 Aug 2014, 01:26

Business & Markets 2014

Written by Jonathan Gan of theedgemalaysia.com

Wednesday, 13 August 2014 20:24

KUALA LUMPUR (Aug 13): Perisai Petroleum Teknologi Bhd’s net profit for the second financial quarter ended June 30, 2014 (2QFY14) plunged 96% to RM961,000 from RM24.06 million a year ago, mainly due to its Rubicone Mobile Offshore Production Unit (MOPU) not generating any revenue for the quarter under review.

Revenue for 2QFY14 also fell 66% to RM10.78 million, from RM31.98 million a year ago.

The poor quarterly results resulted in the group posting a net loss of RM2.03 million for the six months to June 30, 2014 (6MFY14), from a net profit of RM47.74 million a year ago.

In a filing with Bursa Malaysia today, Perisai said its 6MFY14 results were mitigated by profit contributions from Perisai Kamelia — its floating production, storage and offloading unit (FPSO).

Revenue for 6MFY14 fell 66% to RM21.65 million, from RM63.68 million a year ago.

Going forward, Perisai said its first jack-up drilling rig, Perisai Pacific 101, has commenced its three-year contract this month and is expected to contribute positively to the group’s profit.

“The award secured for Perisai Pacific 101 signified Perisai’s entry into the offshore drilling segment.

“The outlook of jack-up rig market, particularly in Malaysia, is expected to be robust. This augurs well for the second and third jack-up drilling rigs, which are expected to be delivered in the second quarter of 2015 and July 2016 respectively,” it added.

The group added that its Enterprise 3 (derick pipe lay barge) and Rubicone MOPU is currently exploring various opportunities and its group results would improve, in the event new charters are secured for its two assets.