Tuesday, 25 March 2014

SapuraKencana Petroleum's FY14 Pre-tax Profit Rises To RM1.2 Billion

SapuraKencana Petroleum Bhd posted a pre-tax profit of RM1.2 billion for the financial year ended Jan 31, 2014, up from RM829.8 million in the preceding year.

Revenue rose to RM8.4 billion from RM6.9 billion a year ago, it said in a filing to Bursa Malaysia today.

"Earnings are expected to grow going forward to reflect the full-year contribution of the tender rigs business, additional earnings from the acquired assets of Newfield Malaysia, revenue streams from both currently contracted assets, as well as assets which will be deployed in new markets," it added.

On the back of a healthy order book of RM25.4 billion and good earnings visibility, SapuraKencana said it remained well-positioned to benefit from committed outlay in the upstream sector. -- BERNAMA