Kuala Lumpur, 26 November 2012
Deleum Berhad (“Deleum” or the “Group”), a provider of diverse range of supporting specialised products and services to the oil and gas industry, continued its upward trajectory by posting a 28.7% increase in pre-tax profit to RM17.4 million for its third quarter ended 30 September 2012 compared to RM13.5 million in the corresponding quarter.
The Group’s Power and Machinery segment recorded a higher quarter result of RM14.9 million compared to RM8.2 million, a surge of 81.2%. The increase was attributed to increased demand on the back of robust exploration and production activities. The increase was offset by a slight increase in operating expenses of RM0.5 million.
Lower wireline revenue and centralisers sales resulted in the Oilfield Services segment recording a result of RM1.2 million compared to RM4.6 million for the same period. The decrease, however, was offset by lower operating expenses of RM0.6 million.
Maintenance, Repair and Overhaul segment registered a profit of RM0.2 million for the current quarter compared to a loss of RM0.7 million in the corresponding quarter attributable to higher operating expenses of RM0.9 million in the corresponding quarter due to provision of doubtful debts.
The Group recorded revenue of RM318.0 million for the current nine-month period compared to RM289.8 million for the corresponding period, an increase of 9.7%.
Deleum Group Managing Director, Encik Nan Yusri said: “The Group hopes to increase shareholders value by building on the success of the previous quarters financial results in achieving a sustainable growth. The Group remains optimistic and positive on our outlook as we feel that we are in a good position to take advantage of the growing opportunities in the domestic oil and gas industry.”
“Deleum remain committed to focus and strive to be the market leader in our three key operating segments. To do so, we will continue to focus on our business strategies, marketing efforts and initiatives to leverage on the growth in the oil and gas industry.”
Nan Yusri also revealed that the Group has completed its acquisition of a 60% stake in Northern Primera Sdn Bhd at a total cash consideration of RM3.18 million.