Scomi posts 6-month profit of RM47.7m

Scomi Group Bhd, an integrated oilfield services, transport solutions and marine services provider, posted a pre-tax profit of RM47.652 million for the first six months of the financial year ending December 31, 2011.

This was more than double the RM21.409 million recorded in the same period of last year.

In a filing to Bursa Malaysia, the company stated that revenue however, was lower at RM735.563 million versus RM888.556 million previously.

For the second quarter ended June 30, 2011, its pre-tax profit jumped to RM30.851 million from a pre-tax loss of RM8.441 million previously.

Revenue for the three-months, however dropped from RM429.299 million to RM398.17 million.

"Notwithstanding a continued challenging environment internationally, the group anticipates an upswing of activities in the second half of the year based on previous project awards at oilfield services division.

"Transport Solutions Division under Scomi Engineering Bhd is anticipated to be positive as its business performance is expected to improve with contribution from the KL Monorail Fleet Expansion Project and two new monorail projects in Brazil," the company said in a separate statement, today.

It added that it will continuously pursue opportunities in urban transportation projects especially in Malaysia, Brazil and India.--Bernama