Scomi Energy 3Q net profit dips 9%

Scomi Energy Services Bhd saw its net profit for the third financial quarter ended Dec 31, 2014 (3QFY15) fall 9% to RM19.45 million or 0.83 sen per share from RM21.42 million or 0.91 sen per share, due to lower margin from its oilfield and marine divisions.

Revenue for 3QFY15, however, rose 7% to RM419.49 million from RM391.75 million a year ago, mainly due to increase in activity levels in the oilfield services division, as well as additional revenue derived from the TNB Fuel Service Sdn Bhd contract in the marine services segment.

For the nine-month period to Dec 31, 2014 (9MFY15), Scomi Energy posted a 12% drop in net profit to RM61.62 million or 2.63 sen per share from RM70.02 million or 2.99 sen

per share in 9MFY14, while revenue climbed 12.6% to RM1.17 billion from RM1.04 billion a year ago.

Going forward, Scomi Energy (fundamental: 1; valuation: 0.6) expects its oilfield services division to continue to be the major contributor to both its revenue and profit.

However, it cautioned that the recent drop in oil prices may have some impact to its exploration and production activities.

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