Kuala Lumpur, 22 May 2012
Deleum Berhad (“Deleum” or “the Group”), a provider of diverse range of supporting specialised products and services to the oil and gas industry, recorded a 91.7% jump in pre-tax profit to RM15.3 million for its 1st quarter FY2012 compared to RM8.0 million in the corresponding quarter. The increase of pre-tax profit for the quarter was largely due to higher operating profit of RM7.2 million arising primarily from the Group’s Power & Machinery and Oilfield Services segments.
The Group’s segments recorded an overall improvement in results by RM6.7 million from RM6.5 million achieved in the previous corresponding quarter to RM13.2 million in the current quarter. The main contributors for the improved results were the Power & Machinery and Oilfield Services segments which increased by RM4.4 million and RM2.6 million, respectively. However, the increase was off-set by the MRO segment by RM0.3 million for the 1st quarter FY2012.
The improved results delivered by Power and Machinery segment was mainly attributable to higher earnings from the supply of gas turbines, parts, retrofit projects and installation of valves and regulators services. For the Oilfield Services segment, the increase was mainly due to higher deployment of wireline equipment and services, oilfield chemicals services and higher delivery of other oilfield products and technical services, all on the back of higher production activities in the oil & gas industry.
However, the Group recorded a 35.6% decline in revenue from RM128.4 million to RM82.8 million for the 1st quarter FY2012. This was mainly due to the completion of a one-off gas turbine project of RM56.3 million and a combined heat and power plant of RM4.2 million in FY2011.
Deleum Group Managing Director, Encik Nan Yusri, said: “We are pleased to have achieved a commendable result of 91.7% growth in pre-tax profit as compared to the corresponding quarter in FY2011. Our pre-tax profit has also increased by 22.3% as compared to the immediate preceding quarter. We shall continue to focus on our core and competency to strive for better results and performance in every aspects of our delivery.”
“Looking ahead, we are excited on the outlook of the oil and gas activities, especially with the positive boost by the Government’s Economic Transformation Programme and the fiscal incentives being offered to stimulate exploration and development activities in Malaysia,” Encik Nan Yusri commented.