Malaysia's SapuraKencana 3Q Profit Up 42% on New Business

Reuters

KUALA LUMPUR, Dec 9 (Reuters) – SapuraKencana Petroleum Bhd , a Malaysian oil and gas services firm, said net profit rose 41.9 percent in the third quarter, on contribution from newly acquired upstream units.

Net profit was 348.4 million ringgit ($100 million) in the July-September period, up from 245.6 million ringgit a year earlier, according to a stock exchange filing on Tuesday.

The jump in earnings was attributed to revenue from acquisitions that were completed in February, the company said. This was partially offset by lower revenue from its offshore construction and subsea services segment.

The company said its long-term contracts and strong balance sheet would provide support against declining oil prices.

Shares in SapuraKencana closed 2.78 percent lower on Tuesday, compared with the broader index's 0.16 percent fall. ($1 = 3.4820 ringgit)

(Reporting by Al-Zaquan Amer Hamzah and Anuradha Raghu; Editing by Prateek Chatterjee)

 

Copyright 2016 Thomson Reuters. Click for Restrictions.

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