PETALING JAYA: Dayang Enterprise Holdings Bhd saw its net profit double to RM107.1 million for the third quarter ended Sept 30, from RM48.8 million a year before due to a higher profit margin on work orders received and performed in the current quarter as compared to the corresponding quarter.
In a Bursa Malaysia filing, the group said there had also been a one-off gain from the acquisition of a new subsidiary in July 2019.
“We are proud to hit a significant milestone by achieving a record high quarterly profit in the third quarter of 2019. This is the first time ever that we have registered quarterly profit in excess of RM100 million throughout the long history of Dayang.
“This impressive achievement comes on the back of the robust work orders for the maintenance, construction and modifications contract (MCM) and topside maintenance services works under the Pan hook-up and commissioning contract (Pan HUC). Consequently, vessel utilisation at Perdana also came in much stronger at 91%, as compared to 79% in the second quarter and 36% in the first quarter, of 2019,” it said.
Revenue for the quarter was also 26.8% higher at RM357.6 million, from RM281.9 million, mainly due to higher vessel utilisation and higher work orders received and performed under the topside maintenance contracts.
Cumulatively, Dayang saw its net profit more than double to RM158.05 million, from RM66.5 million while revenue also went up 16.7% to RM761.16 million from RM652 million.
Looking ahead, the group said it was optimistic that its strong earnings trend would be sustainable.
“In August 2019, we have obtained a new 15-month hook-up and commissioning contract from Petronas Carigali which signifies the robust outlook for upstream maintenance activities. We remain upbeat on the company’s future prospects as Dayang will leverage on its strong execution track record to ride on the ramp-up in business activities,” it said.
It also said that the group-wide debt restructuring would be “successfully and comprehensively” completed by 1Q20.
source https://www.thesundaily.my/business/dayang-enterprise-posts-record-q3-net-profit-of-rm107m-GA1640484
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