RM1.97M Q3 NET PROFIT FOR BARAKAH OFF­SHORE

The Sun (Malaysia) - - SUNBIZ -

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.

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