By BERNAMA
Deleum Bhd’s revenue increased 4.5% to RM86.5 million for its first quarter of the financial year ending Dec 31, 2013 from RM82.8 million for the corresponding quarter in the previous year.
In a statement today, the group said the power and machinery segment continued to be the main contributor reporting a 27.7% or RM14.2 million growth in revenue from RM51.4 million in the corresponding quarter to RM65.6 million in its first quarter in 2013.
It attributed the better performance to the higher sales in exchange engines, gas turbine parts and services and deliveries of valves and flow regulators.
The Group, however, recorded a 27% or RM4.1 million decline in profit before tax of RM11.1 million for first quarter 2013 compared to RM15.3 million in the corresponding quarter of 2012.
It said the reduction for the current quarter was mainly attributable to reduction of retrofit projects and deferment of oil and gas projects.
Deleum Group Managing Director Nan Yusri said the first quarter saw a lower level of service activities in tandem with lower orders secured as well as deferment of projects by oil and gas operators in Malaysia.
“We expect the level of activities to increase in the forthcoming quarters,” he said.
On outlook, he said Malaysia’s oil and gas industry is expected to improve with Production Sharing Contractors (PSCs) stepping up efforts to increase the recovery rate of producing fields as well as the commencement of development of new fields.
“These activities are expected to spur business opportunities, and Deleum is poised to enhance its competitiveness to seize these upcoming opportunities,” he added.
Deleum is a provider of a diverse range of supporting specialised products and services to the oil and gas industry.
– BERNAMA
You must be logged in to post a comment.