Daya Materials 3Q net profit up 24%

by **Cals** Wed 26 Nov 2014, 02:43

Daya Materials 3Q net profit up 24%

KUALA LUMPUR (Nov 25): Daya Materials Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) saw its net profit rise 23.8% to RM8.94 million for its third quarter ended Sept 30, 2014 (3QFY14) from RM7.22 million a year ago, mainly contributed by its oil and gas (O&G) and technical services segments.
Revenue for 3QFY14 also increased 26% to RM178.71 million from RM142.38 million a year ago.
For the nine-month period (9MFY14), the O&G offshore support service provider's net profit, however, fell 23.3% to RM14.56 million from RM19 million a year ago, while revenue grew 29% to RM482.1 million from RM373.58 million in 9MFY13.
Moving forward, Daya Materials said its O&G segment will remain its most strategically important component of the group, especially since the commencement of its long-term deployment in the North Sea in early March.
“In 3QFY14, we achieved almost full utilisation of both vessels and we expect the trend to continue in the coming months,” the group said in a filing with the exchange today.
Daya Materials also commented that it is upbeat on its prospects on the O&G segment in view of the order book it has secured to-date.
Meanwhile, the group said that its technical services segment is expected to perform well over the next few years either, as it will continue to build and execute its order book.
Daya Materials' share price has been on a downtrend since mid-August’s 35 sen to close down one sen or 4.44% to 21.5 sen today, giving it a market capitalisation of RM298.6 million.