PETALING JAYA: Dayang Enterprise Holdings Bhd reported a net profit of RM9.33 million for the first quarter ended March 31, against a loss of RM4.14 million reported in the same quarter of the previous year mainly due to higher work orders received as well as higher vessel utilisation.
Revenue for the period rose by 10% to RM172.06 million from RM156.41 million previously.
According to the group’s Bursa Malaysia disclosure, it had a strong start to 2020 despite the seasonally weak quarter which is typically affected by monsoon weather.
It continued to deliver work orders for maintenance, construction, & modification contracts and topside maintenance services under the pan hook-up and commissioning contract during 1Q’20.
For the period, Dayang’s vessel utilisation came in stronger at 55% compared to 36% in 1Q’19, largely due to the sustained level of work orders as the synergistic collaboration between Dayang and its subsidiary, Perdana Petroleum.
However, it stated that the implementation of the movement control order (MCO) by the government has resulted in significant disruptions to its business activities.
In addition, the plunge in the crude oil prices has also affected work orders from its clients as the industry grapples with the new dynamics under the low oil price environment.
The group highlighted that its order book remains decent at an estimated value of RM4 billion but it stated that there is no certainty that work orders of high values will be issued in the near term.
source https://www.thesundaily.my/business/dayang-turns-around-in-q1-with-rm93m-net-profit-XM2619527
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