DJ MARKET TALK: SapuraCrest May Break Above MYR4.22 On 1Q Results

SapuraCrest Petroleum (8575.KU) may rise above its week high of MYR4.22 after the company says its 1Q net profit was 42% higher on year at MYR72.3 million. SapuraCrest says its drilling and marine services divisions improved their performances and it expects "satisfactory results" for the rest of the fiscal year ending January 2012. A dealer says the company will continue to benefit as exploration and production activities continue to grow strongly. "Service providers to the oil and gas industry such as SapuraCrest will continue to attract interest in the current high prices environment," says the dealer. The stock last ends 1.0% higher at MYR4.20.