Hibiscus Petroleum Q2 profit up, aided by Anasuria Cluster

PETALING JAYA: Hibiscus Petroleum Bhd’s net profit for the second quarter ended Dec 31, 2017 rose 3.4% to RM11.04 million from RM10.68 million a year ago thanks to contribution from Anasuria Hibiscus UK.

Its revenue also jumped 21% to RM76.06 million compared with RM62.82 million in the previous year’s corresponding quarter mainly due to investment holding and group activities where the group gained from the impact of a strong US dollar against the ringgit and recognised the resulting foreign exchange gain upon the realisation and quarter-end retranslation of its US dollardenominated receivables.

Hibiscus Petroleum’s first-half net profit fell 76% to RM21.83 million from RM90.96 million, while revenue increased 14% to RM134.30 million RM117.57 million.

Its managing director Kenneth Pereira said the group is now focusing on the drilling of the GUA-P2 side-track well by the end of June 2018 which will unlock 1.01 million barrels from its current 29.2 million barrels 2P reserves and move closer to its target of achieving 5,000 barrels of oil per day by 2020 from the Anasuria Cluster.

“We are also working towards the completion of the North Sabah acquisition by March 31, 2018, which will represent a significant milestone and introduce a second cash generating business segment to the group.”

Its share price closed 1.5 sen or 1.5% lower at 96.5 sen on some 68.77 million shares traded.