Scomi Group posts RM1.4mil profit

Scomi Group Bhd posted a net profit of RM1.47mil for its first quarter ended June 30, 2013 on the back of a RM377.49mil revenue.

The group said it had changed its annual reporting date from Dec 31 to March 31, 2013.

Its earnings per share for the period stood at 0.08 sen.

In a Bursa filing on Friday, the group said it posted a pretax from continuing operations of RM15.4 million from a loss of RM79.3mil the last quarter.

Scomi said the increase in the group’s profit was due to overall increase in the gross profit margins, from 18.9% to 23.1%, fair value loss on put option of RM89mil and a higher profit posted by the oilfield services division and marine services.

“The group remains optimistic of benefiting from the growth in oil & gas exploration and production activities, specifically in the South East Asia region, and the anticipated increase in transportation infrastructure projects in Malaysia, Brazil and India,” it said.