RM1.97M Q3 NET PROFIT FOR BARAKAH OFFSHORE

PETALING JAYA: Oil and gas services provider Barakah Offshore Petroleum Bhd posted a net profit of RM1.97 million in the third quarter ended Sept 30, 2016 (Q3FY16), a turnaround from a net loss of RM15.44 million in the same period last year, on benefits from a cost-reduction exercise implemented since the start of the current financial year. Revenue increased 50.8% to RM167.19 million, compared with RM110.89 million in the previous corresponding quarter. For the ninemonth period, its net profit more than doubled to RM10.45 million, from RM4.32 million a year ago. However, revenue slipped 4.3% to RM407.5 million, from RM425.7 million previously. Barakah Offshore shares closed 1.55% or 1 sen lower at 63.5 sen yesterday, with 1.25 million units traded.